Government and Lincy Foundation Sign Memorandum on Mutual Understanding

YEREVAN (Armenpress)–The Armenian government and the Lincy Foundation signed a Memorandum on Mutual Understanding on November 21 with the purpose of regulating the $165 million in Lincy funds to be invested in the rehabilitation of Armenia’s infrastructure.

During a meeting last June in Washington with Armenian President Robert Kocharian–US billionaire Kirk Krikorian welcomed the president’s proposal to provide funds for enhancing the Armenian economy. After several months of detailed discussions on how to use the funds the government has decided to direct them to the following areas.

1. Loans will be given to local businesses with the purpose of creating jobs for the unemployed. Loans will also be given to big foreign companies to encourage them to expand their activities in Armenia with the aim of creating new jobs in the local labor market.

2. Loans will be provided to building companies operating in disaster zone with the aim of bringing to completion the unfinished flats.

3. Part of the loans will go for rehabilitation and maintenance of Armenian highways and roads.

4. Several major cultural objects–including the Opera House–the Matenadaran–museums and theaters will be reconstructed with the help of loans as well.

5. Investmen’s in hotels and travel agencies–including the Yerevan Zvartnots airport.

6. With the help of loans the center of Yerevan will be improved.


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