YEREVAN — The Armenian government approved the framework agreement on strategic cooperation concerning the “Trump Route for International Peace and Prosperity” project, known as TRIPP, during its July 16 meeting, formally launching the ratification process.
Foreign Minister Ararat Mirzoyan said the document would next be submitted to the Constitutional Court for a ruling on its compliance with the Constitution. Should the court determine that the agreement does not contradict the Constitution, it will be forwarded to the National Assembly for ratification.
The government meeting also addressed the TRIPP+ investment fund, which will be headed by Konstantin Sokolov.
“The person appointed to lead the entity known as TRIPP+ is connected to the TRIPP+ investment company. It has only a very indirect connection with the TRIPP company that will be established and operate in Armenia,” Mirzoyan explained.
According to the foreign minister, two additional documents must be finalized before the establishment of TRIPP in Armenia can be completed: a shareholders’ agreement and the company’s charter. Negotiations on both documents remain underway.
Mirzoyan emphasized that the entire process would be carried out with full respect for Armenia’s sovereignty, jurisdiction and territorial integrity.
The TRIPP company will be permitted to establish subsidiaries in various regions of Armenia and obtain development rights for an initial period of 49 years. The American side will hold 74 percent of the company’s shares, while the Republic of Armenia will own the remaining 26 percent.
Mirzoyan said that after the initial 49-year term expires, the agreement may be extended for another 50 years. Under such an extension, Armenia’s ownership stake could increase to as much as 49 percent.
