Tourism sector financing to be reduced in 2025

ArmInfo. Financing for the tourism sector will be reduced in 2025, as stated by Armenian Minister of Economy Gevorg Papoyan at the budget hearings in the Parliamentary committees on November 4.  Recall that in 2024, 1.5 billion drams were allocated from the state budget to the tourism sector, and 1 billion drams in 2023. Prior to that, the annual funding from state funds was approximately 200 million drams.

Papoyan explained that until the strategy for the tourism sector is  approved, the department must spend a minimum of 800 million drams on  the implementation of the planned programs and activities. Once the  strategy is adopted, the amount of funding may be adjusted. The  Minister noted that the industrial strategy is currently in the stage  of active discussions.  At the same time, he mentioned the 5-year  loan program implemented with the World Bank for $ 100 million, which  will be directed towards the construction of 10 tourism clusters in  Armenia. Specifically, these clusters will be located in Yeghegis,  Jermuk, Dvin, Dilijan, Sevan, Areni, Gyumri, Goris, Aparan.  Note  that according to the Tourism Committee, , 1.72 million tourists  visited Armenia from January to September 2024, which is 7% lower  than the previous year's figure.