Armenia’s parliament will hold a special session to consider legal changes governing companies created under international agreements in which the state holds a substantial stake.
The amendments are expected to cover the TRIPP Development Company, the planned operator supporting development of the Trump Route for International Peace and Prosperity. The Armenian government approved convening the session, but no date has been announced.
Changes to Joint-Stock Company Law
The agenda includes proposed amendments to Armenia’s law on joint-stock companies. The rules would apply to companies established under international agreements in which the Armenian government owns at least 25%.
The changes are intended to provide a legal framework for the TRIPP Development Company and could also apply to other internationally structured companies involving the state.
Under the Armenia-U.S. framework agreement, Armenia is expected to own 26% of the company and a U.S. entity controlled by the U.S. International Development Finance Corporation would hold 74%.
The agreement calls for Armenia to adopt legal deviations involving joint-stock companies, procurement and public-private partnerships to enable the company’s operation.
Construction Timetable Still Unclear
Armenia’s parliament previously ratified the framework agreement. Officials in Yerevan have also said the government would begin commissioning designs for a railway, road and electricity transmission line before the operating company is fully formed, with the prepared materials later transferred to it.
The current announcement does not give a construction start date or disclose the company’s final charter and shareholder arrangements. The special session concerns the legal basis for its operation.
The development was first reported in Russian by Vesti Baku.