The Hayastan All-Armenian Fund has launched extensive renovations of a landmark Nagorno-Karabakh institution, the Stepanakert Retirement Home. The large-scale project was initiated by Moscow-based industrialist Armen Shakhazizyan, who has donated U.S. $400,000 for its realization, and is co-financed by the government of Nagorno-Karabakh.

The only one of its kind in the republic, the Stepanakert Retirement Home accommodates 100 seniors, many of whom have physical disabilities. In addition, it provides supportive services to some 150 seniors at their residences.

“Our roster of major benefactors has been expanded with the addition of yet another exemplary Armenian, namely Mr. Armen Shakhazizyan, founder and CEO of the Luding group of companies,” said Ara Vardanyan, executive director of the fund.

“In addition to contributing $300,000 toward Artsakh water-infrastructure initiatives at our Moscow Gala, Mr. Shakhazizyan has gone on to make a project-specific donation, seeking to help elderly individuals in Artsakh live a more dignified life.”

Apart from being a benefactor of the fund, Shakhazizyan is a vice-president of the National Olympic Committee of Armenia and an ongoing supporter of various development initiatives in both Armenia and Artsakh.