The joint Armenian-American TRIPP Development Company will support trade, transportation, and economic development, according to a statement by the U.S. International Development Finance Corporation, whose board of directors has approved the project.

The initiative was presented as a joint undertaking by Armenia and the United States aimed at promoting trade, transportation, economic development, and regional connectivity, Armenpress reports.

Under the project, support is expected for key infrastructure programs, including the development of railways, highways, pipelines, fiber-optic networks, and other critical infrastructure.

The board approved a new $2.5 billion package of strategic investments designed to strengthen infrastructure, energy systems, and supply-chain security. The establishment of TRIPP Development Company is one component of that package.

“The creation of TRIPP Development Company, a joint venture between the United States and Armenia, will support trade, transportation, and economic development while improving international, interstate, and domestic transport connectivity.

The initiative builds on the peace declaration signed between Armenia and Azerbaijan and the framework agreement on the ‘Trump Route for International Peace and Prosperity’ to support major infrastructure projects, including railways, roads, pipelines, fiber-optic cables, and other facilities,” the corporation’s statement said.

On June 4, Armenia and the United States signed the framework agreement on TRIPP through a remote signing procedure. The document was signed on behalf of Armenia by Foreign Minister Ararat Mirzoyan and on behalf of the United States by Secretary of State Marco Rubio.