Armenia TRIP (WB-P504282)

Regions
  • Europe and Central Asia
Geographic location where the impacts of the investment may be experienced.
Countries
  • Armenia
Geographic location where the impacts of the investment may be experienced.
Specific Location
paran, Areni, Dilijan, Dvin, Gyumri, and Goris
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • World Bank (WB)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Jul 31, 2024
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
Government of Armenia - Ministry of Finance and Ministry of Economy
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Industry and Trade
  • Infrastructure
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 100.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Loan Amount (USD)
$ 100.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 100.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Bank Documents
Primary Source

Original disclosure @ WB website

Updated in EWS Apr 13, 2024

Disclosed by Bank Dec 19, 2023

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Contact the EWS Team

Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to the Bank’s website, the proposed Project Development Objective (PDO) is to improve access to sustainable, resilient and climate smart tourism-related infrastructure and services in project-supported clusters.

Early Warning System Project Analysis
For a project with severe or irreversible impacts to local community and natural resources, the Early Warning System Team may conduct a thorough analysis regarding its potential impacts to human and environmental rights.

The environmental risk of the project is rated as moderate. The risks and impacts are associated with physical works ranging from small to medium-scale infrastructure, services rehabilitation/construction, and tourism development activities (access roads, parking, streetlighting, portable/clean water provision, upgrading of sewage systems, wastewater and storm water management, and safety enhancement, cycling, hiking trails). These activities are linked to potentially low to moderate risks, including the generation of construction waste, vibration, noise, and the release of air pollutants. Moderate risks are also present when civil works in close proximity to or within historical and cultural heritage sites, which can result in physical damage and aesthetic deterioration of tangible cultural heritage.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

The proposed Tourism and Regional Infrastructure Project (TRIP) in the amount of US$100 million is expected to be the first in a potentialseries of investments by the GoA that can serve as an anchor for implementing Armenia’s cluster program and its ambitions of significantly increasing the sustainable contribution of the tourism sector to the economy.


Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

WB Team Leader:

Tafadzwa Irvine Dube - Senior Disaster Risk Management Specialist
Email: tdube1@worldbank.org

Borrower - Government of Armenia:

Vahe Hovhannisyan - Minister of Finance
Email: secretariat@minfin.am

Implementing Agency - Ministry of Economy:

Arman Khojoyan - Acting Minister of Economy
Email: akhojoyan@mineconomy.am

ACCESS TO INFORMATION

To submit an information request for project information, you will have to create an account to access the Access to Information request form. You can learn more about this process at: https://www.worldbank.org/en/access-to-information/request-submission

ACCOUNTABILITY MECHANISM OF THE WORLD BANK

The World Bank Inspection Panel is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by a World Bank-financed project. If you submit a complaint to the Inspection Panel, they may investigate to assess whether the World Bank is following its own policies and procedures for preventing harm to people or the environment. You can contact the Inspection Panel or submit a complaint by emailing ipanel@worldbank.org. Information on how to file a complaint and a complaint request form are available at: https://www.inspectionpanel.org/how-to-file-complaint

How it works

How it works