The Armenian National Assembly has ratified the second memorandum on mutual understanding concluded by the Armenian government and Lincy Foundation. According to the memorandum, the Foundation will allot about $60 million for the repair of roads and schools in Armenia. The works should be finished no later that September 30, 2008. The first memorandum was signed on November 20, 2000. The total cost of the program financed by the Foundation in 2001-2003 made $150 million. To remind, American multi-millionaire of Armenian origin Kirk Kerkorian is the constitutor of the Lincy Foundation.