YEREVAN (Armenpress)–Artashes Tumanian–chief of the Armenian president’s administration met with reporters on July 23 to provide details of a $150 million project to be carried out in 2002-2003–to be funded by US billionaire Kirk Kerkorian’s Lincy Foundation.
About $43 million will be used on the construction of 4,000 apartmen’s in the earthquake zone of Gyumri and Lori–$71.5 million on the construction of roads–and $17.5 on the reconstruction of Armenian cultural centers–including theaters and museums.
Tumanian–who coordinates the work of a joint commission comprising of the Lincy Foundation and the Armenian government–said President Kocharian is also keeping a close eye on the process of the project’s implementation.
He also added that the construction project is under the strict supervision of US representatives of the Lincy foundation–leaving no chances of corruption and financial abuse. According to Tumanian–the realization of all the components of the project has created around 11,000 jobs in an unemployment stricken country.