YEREVAN. - The Ministry of Transport, Communication and Information Technologies of Armenia will move to a new building. The decision on this was adopted at the Cabinet session on Thursday.

It is planned to move the Ministry to the 3/3 Vazgen Sargsyan street, near the Ministries of Foreign Affairs, Diaspora and State Committee of Science.

The building was constructed by Salsa Development owned by Argentinean Armenian billionaire Eduardo Eurnekian (his other company, Tango, built the MFA and Diaspora Ministry buildings).

The building will be repurchased from a private company, which will be paid $4 mln compensation.

Tango not only constructed a new building for the MFA, but also bought the old one (in the Republic Square) for $50.4 mln. According to the terms of the agreement with the Government, Eurnekian’s company must open a Kempinski Hotel in that building.