IFC TO GIVE LOAN TO SIL CONCERN FOR RECONSTRUCTION OF AYRARAT CINEMA
YEREVAN, MAY 29, NOYAN TAPAN. The Ayrarat Cinema will be turned into a
trade and recreational center with trade and cinema hall, cafes,
etc. Executive Director of SIL Concern Arman Zargarian said at the May
29 press conference that the total cost of the reconstruction will
make 12 mln USD, with 5.2 mln USD of this sum to be provided as a loan
by the International Finance Corporation (IFC) of the World Bank. The
Ayrarat Cinema (formerly the Rossia Cinema) located in downtown
Yerevan is currently used as a fair. According to IMC Armenian Office
Director Nerses Karamanukian, the loan is repayable over 10 years,
while the construction work will last 4 years in the maximum. He said
that athough the fair will not stop functioning during the project’s
implementation, some new modern buildings will be constructed in its
place. It was pointed out that the exterior of the cinema will remain
the same. The archtectural work is being done by Hrachia Poghosian,
who was one of the architects of the Rossia Cinema.