Lincy Foundation Begins Financing Economic Projects

YEREVAN (Golos Armenii)–Within the frames of the project for the development of small and medium businesses in Armenia–carried out by Kirk Kerkorian’s Lincy foundation–the implementation of more than 10 projects worth a total of $7 million has started. The projects are in the spheres of agriculture–light industry–mechanical engineering–hotel business and others–said First Deputy minister of Industry and Trade and Chairman of the Commission for implementation of Lincy’s program Movses Dzavarian.

He added that the cost of all projects which were approved by the commission and sent for consideration of the central headquarters of Lincy foundation in Washington–reached $14 million.

Although the entire program is worth $100 million–only the first batch of $10 million has been allocated so far–and the rest will arrive gradually–along with approval of new projects.

Loans are only provided to ventures which have no debts to the state and–for this reason–loans to three metal manufacturing companies in Charentsavan were refused.

The Lincy Foundation has also pledged to finance the construction of highway across Armenia to Georgia.

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