The Armenian government, at its Cabinet meeting Thursday, approved the “Armenia Tourism and Provincial Infrastructure Program” loan agreement with the International Bank for Reconstruction and Development.

The total amount of this loan agreement is 120.5 million euros, of which 96.4 million euros are loans and 24.1 million euros are co-funding from the Armenian government.

The program’s completion date is set for August 31, 2030, and the final repayment date of the loans is four months after the completion date, on December 31, 2030.

The program aims to increase Armenia’s tourism potential through targeted infrastructure and “soft” investments in several provinces of the country. In particular, the program will assist seven distinct tourism clusters—promoting wine, health resort, adventure, cultural, educative, and eco-tourism in the Ararat, Vayots Dzor, Shirak, Tavush, and Syunik Provinces. At the core of the program will be ensuring the connection of tourists with these clusters and investments aimed at improving the infrastructure of provincial tourist sites in Armenia.

The beneficiaries of this program will include at least 180,000 local residents and more than 750,000 domestic and international tourists annually, who will have access to improved urban infrastructure services and highly appealing tourism proposals in the program area.