GLENDALE–In its July 24 cover story–Time Magazine named philanthropist Kirk Kerkorian as the 10th largest donor in the country.
The magazine acknowledged the more than $250 million Kerkorian has gave to the Lincy Foundation–"which supports Armenian and other humanitarian causes," the magazine said.
The list also includes Microsoft co-founder Bill and Melinda Gates (#1)–George Soros of the Soros foundation (#2)–CNN founder Ted Turner (#3) Charter Communications owner Paul Allen (#5) and Utah billionaire Jon Huntsman (#6).
The Noyan Tapan news agency reported that 108 of the 112 submitted projects have been approved with the sponsorship of the "Enterprise Development Program" implemented by the World Band and Lincy" foundation.
According to the Center for Management of Foreign financial Programs of the Ministry of Economy and Finance–which manages credit programs sponsored by the two aforementioned donors–the total worth of the program is $24.4 million. However–only $5.6 million have up to now been allocated.
The center announced that 72 percent of the credits worth $10.6 million allocated by the World Bank were channeled to the industrial sector–14 percent to agriculture–2.5 percent to construction–11.5 percent to services. Through seven commercial banks the Lincy foundation has allocated $8.2 million to 18 enterprises. Of those allocations–62 percent was channeled to the industrial sector–18 percent to agriculture and 20 percent to services.
The programs are submitted to commercial banks which select the applications filed by businesses. The quality of the projects has considerably improved. This accounts for the low percentage of rejections.
Deputy Minister of Economy of Finance Meruzhan Mikaelian said that applications are considered within two weeks. The World Bank and Lincy offices take longer to consider applications.