YEREVAN. – It turns out that elite institutions of Armenia have been funded by the country’s energy system, reported Haykakan Zhamanak daily.

“In particular, the Reception House CJSC, the building’s renovation, furniture acquisition, and operation costs were financed from the amount received from the activities of Vorotan [Hydro] Cascade. To this end, more than 1.5 billion drams [approx. US$3,171,110] were borrowed from Vorotan. 

“Now, the government has decided to close this debt with the money to be received from the cascade sale.  With this money, the government plans to close the more than 17 billion dram-, or 35 million dollar-, debt which various companies have.

“This matter is put on agenda of the government’s session to be held today[, Wednesday],” Haykakan Zhamanak wrote.