TRIPP Project to Get 49 or 99-Year Development Rights

"How will the TRIPP company operate on the land, how will it acquire it, or what will it receive to interact with that land? In the same way as is currently provided for by the legislation of the Republic of Armenia," Nikol Pashinyan detailed during the "Crossroads of Peace: Developing Regional Communications" conference.

"The legislation of the RA provides for an institution called the right of development. The right of development, which has been applied dozens of times in Armenia until now, and in different countries, this institution is called differently. There are countries that call it 'lease,' which translates to rent. in our country, this institution has been called, that is, previously, during this period, it has been called the right of development. What does this mean? It means that through certain legal procedures, a certain company receives territory for the purpose of carrying out development in that territory to make a profit. And a special feature of this institution is that after the expiration of the term of the right of development, the property located on that land becomes the property of the RA. This is a very important nuance. But the land is always the property of the RA. That is, whatever we give with the right of development, that land has been, is, and will always, during, before, and after, continue to be the property of the Republic of Armenia. And as I already said, there are no restrictions on the activities of any state body there, in accordance with the procedure established by the Constitution and legislation of Armenia," the RA Prime Minister described.

Pashinyan also touched upon the deadlines. For how long will this right of development be valid?

"Two scenarios are currently being discussed: a 99-year scenario and a 49-year scenario. What is the deadline related to, or what can the regulation of deadlines be related to? Because, as you guessed, investments will be made there, and the investor must have a certain guarantee that he will get his investments back with a certain profit margin. If we, for example, say that we are giving that land for five years, no one will make an investment, because it is unrealistic to get back that much invested money in five years," Pashinyan noted.