US doubles TRIPP+ Fund to $402 million for projects in Armenia

The US government has doubled the funding commitment to the TRIPP+ Enterprise Fund from $201 million to $402 million, according to the US government spending database HigherGov.

The funding is linked to the broader framework surrounding the Trump Route for International Peace and Prosperity (TRIPP), a proposed transport route running through southern Armenia that is intended to strengthen connectivity between the South Caucasus and the wider Trans-Caspian transport network.

According to the source, the US State Department’s Bureau of European and Eurasian Affairs initially awarded the TRIPP+ Enterprise Fund a $201 million grant on January 30. The grant was scheduled to be spent over nearly 11 years, with the implementation period running until December 31, 2036.

On July 16, the US government amended the grant, increasing its total commitment to $402 million. The deadline for using the funds remained unchanged at the end of 2036.

The HigherGov data appears to indicate that the full $402 million has already been committed to the fund, with Armenia listed as the principal location where the funds are expected to be used.

The TRIPP+ Enterprise Fund was established in Delaware on January 26. The fund is a separate entity from the TRIPP Development Company, which is responsible for developing and implementing infrastructure associated with the proposed route through southern Armenia, also known as the Zangazur Corridor.

The TRIPP Development Company was established under an agreement announced following a January 13 meeting in Washington between Armenian Foreign Minister Ararat Mirzoyan and US Secretary of State Marco Rubio.

Under the proposed structure, Armenia is to hold a 26% stake in the development company, while the remaining 74% is to be held by a US entity, TRIPP Development Company US. The latter is expected to be established in Delaware as a subsidiary of the US International Development Finance Corporation.

The TRIPP+ Enterprise Fund, meanwhile, was established as an investment vehicle separate from the development company. According to an Armenian source, businessman Konstantin Sokolov was appointed to lead the fund.

The source also noted that the fund appears under the name “Trans-Caspian Enterprise Fund” on an official database of companies registered in Delaware.

The increase in US funding comes as Washington seeks to deepen its role in developing transport and economic links across the South Caucasus and connecting them to the Trans-Caspian corridor.

The proposed TRIPP route has emerged as one of the key elements of the US-backed regional connectivity framework, with its development expected to have wider implications for trade, logistics and the strategic balance in the South Caucasus.