YEREVAN, March 7. /Mediamax/. The National Assembly of Armenia ratified today the Memorandum of mutual understanding between the Armenian Government and the Lincy Foundation, signed 20 November 2000.
As the parliamentary correspondent of Mediamax reported, in accord with this document Armenia will be granted 165 million USD, which will be used for the realization of six main programs.
The program of development of local business activity envisages liquidation of unemployment, as well as creation of new working places by drawing credits and investments from large foreign companies. 44.8 million dollars will be allocated for the realization of this program.
The additional housing construction in Spitak quake zone is estimated 15 million dollars. The construction and improvement of the road network of Armenia will cost 38 million dollars. The program of reconstruction and restoration of historical and cultural constructions envisages 10 million dollars of expenses. 20 million dollars will go to tourism development, while the improvement of central Yerevan is estimated 7 million.
It is expected that the Memorandum will assist the development of branches promoting the rapid economic growth. The Memorandum will be in effect till 2003. The document will be realized in accord with the U.S. legislation.
The Constitutional Court of Armenia recognized at March 6 sitting the points of Memorandum of mutual understanding between the Government of Armenia and the Lincy Foundation as corresponding to the demands of the main law of the country. --0--