A funicular will be built in the Armenian community of Khndzoresk which is widely famous for its canyon with picturesque rock formations and an ancient cave settlement.
An initial batch of $6.1 million will be invested in the project which will benefit the development of tourism in the region.
The issue was discussed at a meeting of minister of economic development and invesments Suren Karayan, as well as representatives from ArmHydroEnergyProject and Garaventa AG.
The minister hailed the agreement as a means of enhancing the attractiveness of the whole province of Syunik in Armenia's south.
The region, by the way, hosts a number of tourist sites, including ancient monasteries, natural monuments, forest reserves, as well as the Zorats Karer, which is believed to be a prehistoric archaeological site.