Armenian Foreign Minister Ararat Mirzoyan and US Secretary of State Marco Rubio signed a declaration on the implementation of the Trump Route for International Peace and Prosperity (TRIPP) project.
Modern.az reports that the declaration defined the procedures related to the operation of the Zangezur corridor. Thus, the US will have a controlling stake in the project.
According to the document, a company named TRIPP Development will be established to implement the initiative. The US will acquire 74% of the company's shares in exchange for initial investment. Armenia will receive 26% of the shares through land use rights and its share of infrastructure. In the future, Armenia's share is planned to be increased to 49%.
The company will be granted exclusive development rights for a period of 49 years. TRIPP Development will be responsible for uninterrupted multimodal transit routes passing through the territory of Armenia. The routes will connect Azerbaijan with Nakhchivan and become part of the Trans-Caspian route.
The project includes the following:
– rail and road infrastructure; - energy routes (oil and gas pipelines); - digital infrastructure, including fiber-optic networks.
