YEREVAN. – The Government of Armenia proposes mandatory insurance of planners’ accountability in downtown Yerevan, Minister of Urban Development Narek Sargsyan told Armenian News-NEWS.am.

He noted this commenting on the bill on Downtown Yerevan, and which has been submitted to Parliament for respective debates.

Mandatory insurance in the downtown of Armenia’s capital city will include the project construction document developers’ accountability for not timely completion of construction, and for environmental risks.

Aside from mandatory insurance, high fines will be set, too, and they will double, if construction is not completed within the specified deadline.   

“If these two mechanisms are effective, we will expand them to not only the other districts [of Yerevan], but also to the other towns of the republic,” Sargsyan added.