Armenpress
LINCY FOUNDATION WILL ALLOCATE $60 MILLION FOR NEW PROJECTS IN ARMENIA
YEREVAN, JULY 8, ARMENPRESS: A press release by the Lincy Foundation
(established by an American Armenian billionaire Kirk Kerkorian) said the
Foundation announced on July 7 that it would allocate $60 million for three
new infrastructure projects selected by the Government of Armenia.
The work will commence once the necessary approvals have been obtained
and agreements between the Armenian government and The Lincy Foundation have
been signed. The Government of Armenia will implement these projects with
the assistance of The Lincy Foundation. The $60 million to be provided by
The Lincy Foundation would be used for the much-needed renovation of
schools, the upgrading of Yerevan streets, and the improvement of various
roads throughout Armenia.
The school renovation project would significantly improve the educational
environment for thousands of students who have been studying in dilapidated
school buildings for many years. The upgrading and improvement of various
city streets and roads would facilitate the movement of people and goods
throughout Armenia. These new projects follow Lincy’s successful completion
of $150 million of infrastructure renovation that included the construction
and repair of 270 miles of highways, 5 bridges, 2 tunnels, 17 major city
streets as well as the Republican Square in Yerevan, 3,674 apartments in the
earthquake zone, and 34 cultural institutions throughout Armenia. In
addition, The Lincy Foundation provided $20 million of loans to small and
medium-size businesses in Armenia.