Government to provide $10 million loan for Old Yerevan development project
Finance minister Gagik Khachatryan said the loan will be granted at the rate of 8% per annum until 2022 with repayment starting from 2020.
Prime minister Hovik Abrahamyan said the government is working to resolve some contentious issues which emerged between residents of the capital and the construction company concerning the size of compensation for residents’ houses, which are to be demolished.
The Old Yerevan area will not have dwelling buildings and will serve as a public and cultural center with museums, galleries and stores. The goal is to recreate Yerevan’s architectural look of the end of the 19th century and the beginning of the 20th century. –0—