Pashinyan’s government has approved the ratification of the Armenia-United States TRIPP agreement, moving the project a step closer to implementation.
During the government meeting, Ararat Mirzoyan said that, before the TRIPP framework can be fully established, the shareholders’ agreement and the charter of the TRIPP Development Company must also be approved. He said the company will have the authority to create special purpose entities to oversee individual projects in designated zones across Armenia.
According to Mirzoyan, the TRIPP Development Company will receive land use and development rights in those zones for an initial period of 49 years. During that time, the company will be owned 74 percent by the United States and 26 percent by Armenia.
He added that, once the initial 49-year term expires, the parties will have the option to extend the partnership for an additional 50 years. Under that arrangement, Armenia’s ownership stake would increase to 49 percent.
