TRIPP Development Company must remain permanently owned by the U.S. government and cannot be transferred to another party, Foreign Affairs and International Trade Minister Ararat Mirzoyan said in Armenia’s National Assembly, Radar.am reports.
The National Assembly has begun the ratification process for the framework agreement on strategic cooperation between Armenia and the U.S. concerning the Trump Route for International Peace and Prosperity (TRIPP). Minister Mirzoyan is presenting the agreement to the parliamentary committee.
“It is stipulated in the document, bearing the U.S. government’s signature and commitment, that TRIPP Development Company must remain permanently owned by the U.S. government and cannot be transferred or involve any third party,” he said.
The minister added that, through TRIPP Development Company, the U.S. will control 74% of the shares in the company operating in Armenia, while Armenia will own the remaining 26%. The planned shareholding structure will remain in effect for 49 years.
“The parties may extend their legal relationship and the project’s operations. In that case, automatically, without any additional involvement required from Armenia, our shareholding will immediately increase to 49%, while the U.S. TRIPP Development Company’s share will become 51%,” the minister added.
