THE GOVERNMENT OF ARMENIA AND THE LINCY FOUNDATION SIGNED A MEMORANDUM ABOUT ALLOCATION OF $165 MILLION FOR ARMENIA'S ECONOMIC DEVELOPMENT

PanARMENIAN.Net - 21.11.2000, MEDIAMAX, YEREVAN. The government of Armenia and The Lincy Foundation, patronized by American billionaire Kirk Kerkorian, today signed a Memorandum of Understanding that states about the allocation of $165 million for Armenia's economic development.

As Mediamax was informed in the press service of the Foreign Ministry of Armenia, there are 6 specific projects which will be financed by the Lincy Foundation.

1. Provide loans to local Armenian businesses in order to create jobs for the unemployed and underemployed. 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.

The funding for loans to Armenian citizens and the grant for road construction is available immediately. The other projects will commence as soon as The Lincy Foundation receives favorable tax rulings from the US government.

The preliminary agreement about the realization of this credit program by The Lincy Foundation was reached during a meeting of President Robert Kocharian and Kirk Kerkorian, which took place this June in Washington. --0--