Armenia Initiates Ratification of TRIPP Project: US to Hold 74% Stake in New Company
The Armenian government has approved the start of the ratification process for the framework agreement with the US regarding the TRIPP project ("Trump’s Road to International Peace and Prosperity"). The document will now be submitted to the Constitutional Court and subsequently—provided it is deemed constitutional—to the National Assembly.
The agreement entails the creation of a joint Armenian-US company, TRIPP, tasked with implementing transport and infrastructure projects. In the initial phase, the US will hold a 74% stake in the company, while Armenia will hold 26%. The company will be granted land-use and development rights within the zones designated by the agreement for a period of 49 years. Should the cooperation be extended for another half-century, Armenia’s share will automatically increase to 49%.
Presenting the project, Armenian Foreign Minister Ararat Mirzoyan stated that the agreement does not infringe upon the country's sovereignty.
"Armenia... will continue to bear responsibility for maintaining security and public order, border control and protection, customs and migration oversight, and the remittance of taxes and duties to the state budget," the minister said.
According to him, the document is intended to dispel concerns raised in recent months.
"As you can see, the foregoing fully addresses—and can allay—all potential concerns that may have genuinely arisen during the numerous public discussions in Armenia, as well as the malicious speculation we have witnessed in recent months," Mirzoyan emphasized.
Once the ratification process is complete, Armenia and the US will still need to finalize two additional documents: the shareholders' agreement and the future company's charter.
