News From Armenia

Staff Report

Government Announces Details of $165 Million of Projects Undertaken by The Lincy Foundation

The government of Armenia and The Lincy Foundation signed a Memorandum of Understanding that formalizes the modification of The Lincy Foundation’s significant commitment to Armenia’s economic development.

During a meeting in June with President Robert Kocharian in Washington, Mr. Kirk Kerkorian enthusiastically endorsed the Armenian government’s request for targeted assistance to activities that will have a multiplier effect and generate faster economic growth. During the months that followed, the government undertook extensive analysis and determined the best possible utilization of funds. The government has identified six specific projects totaling $165 million that will produce the quickest start and the quickest result:

1) Provide loans to local Armenian businesses in order to create jobs for the unemployed and under-employed. Also, provide loans and equity investments to large foreign corporations in order to induce them to establish operations in Armenia with the aim of providing jobs to the local population.

2) Complete the reconstruction of additional housing in the earthquake zone for which there is such a desperate need.

3) Design, construct, and improve a network of roads within Armenia. This will serve to facilitate the flow of people and goods, as well as internal travel for tourism.

4) Repair and renovate more than two dozen historical and cultural institutions, such as the Matenadaran, the Opera House, theaters and museums. These national treasures will attract local and foreign tourists.

5) Invest in the construction of new hotels and other tourism-related infrastructures, including the renovation and expansion of Yerevan Zvartnots airport. Increased tourism is a direct way to attract additional foreign currency, particularly since tourism requires modest capital outlays and provides quick employment for workers after a brief training period.

6) Upgrade and beautify downtown Yerevan. This urban project will include the launching of Tamanian’s “Northern” street which will evolve into a pedestrian mall with attractive lighting and landscaping, retail and service establishments, as well as office and residential space.