The US will receive a controlling stake in the TRIPP Development Company (operator of the Trump Route), a joint venture with Armenia, reads a joint statement by US Secretary of State Marco Rubio and Armenian Foreign Minister Ararat Mirzoyan on TRIPP, published on the US State Department website, according to SİA.
"The company is expected to be responsible for the development of the TRIPP and is expected to be granted the right to development for an initial term of 49 years. Armenia intends to offer the United States a 74% share and to hold itself a 26% share in the TRIPP Development Company. This arrangement is expected to be extended for an additional term of 50 years with a grant of additional equity to the government of Armenia bringing its share to 49%.
The change of the TRIPP Development Company's shareholders (including sale, donation of the shares, merger, demerger, reorganization, or any other legal or factual act) and ultimate beneficial owners is expected to be subject to the prior consent of the Governments of the United States and Armenia," reads the statement.
"Armenia intends to provide the TRIPP Development Company the exclusive right to plan, design, develop, construct, operate, and maintain multimodal transit infrastructure within designated transit routes, establish Special Purpose Vehicles for specific infrastructure projects, contract with construction firms, operators, and service providers, generate and collect revenues from infrastructure operations, manage the TRIPP route as part of an integrated system.
Development rights may cover, but not be limited to: Rail infrastructure – railways, terminals, stations, rolling stock facilities, Road infrastructure – highways, roads, bridges, tunnels, Energy infrastructure – electrical transmission, oil pipelines, gas pipelines, Digital infrastructure – fiber optic networks, Supporting infrastructure – administrative facilities, utilities, safety and security systems in accordance with Armenian law.
The TRIPP Development Company may collect and retain revenues from various sources to include but not limited to: Infrastructure access fees, Commercial activities within the transit route, Property rent and development, Service charges, Revenue shares from Special Purpose Vehicles.
To enhance efficiency while maintaining Armenia"s sovereignty and jurisdiction, TRIPP is expected to employ a "front office – back office" model, using digital tools to facilitate unimpeded connectivity. Front Office (Third-Party Operators). It is intended that private operators contracted by the TRIPP Development Company will provide
customer-facing services: Initial document collection for verification, Information and guidance to users, Fee collection and payment processing on trade and transit. Taxes, customs duties, and other mandatory fees of the Republic of Armenia shall be remitted directly to the state budget of the Republic of Armenia in accordance with the applicable legislation and fiscal procedures, Facilitation and coordination, Administrative support. Back Office (Armenian State Authorities). Armenian customs and border officials exercise all sovereign authority – in line with Armenian domestic law and international agreements. Final customs decisions and clearances, Security screening and enforcement, Immigration control, Law enforcement actions, Permits and authorizations, Inspection and examination.
The TRIPP is expected to benefit the United States through: Opening new markets for American investment, business, and goods, Connectivity for trade across the region to bring raw materials, critical minerals, and rare earth metals to American markets, Increased trade route options between the United States and Europe and Asia, ensuring that people and goods can travel regardless of geopolitical changes.
The TRIPP is expected to benefit Armenia and the Armenian people through: Employment – opportunities to employ qualified Armenian citizens, Joint ventures – opportunities between international and Armenian firms, Technology transfer – capacity building for Armenian businesses, Training – skills development for Armenian workforce, Reinvestment into the region.
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