The Armenian government, at its Cabinet meeting today, decided to allocate 350 million drams (approx. US$927,139) from the government reserve fund to the "Karen Demirchyan Sports and Concert Complex" CJSC.

The explanation for this decision states that the 8th summit of the European Political Community is planned to be held in Armenia’s capital Yerevan. For this, purpose the "Karen Demirchyan Sports and Concert Complex" CJSC has carried out an inventory of the problems of existing buildings and infrastructure. Accordingly, the design and estimate cost of the work amounted to 738,917 drams.

Based on the design and estimate documents, "BIDEK" LLC was recognized as the winner of the respective competition, submitting a price offer of 573,423 drams.

“Karen Demirchyan Sports and Concert Complex” CJSC has written to the Chief of Staff of the Prime Minister with a request to provide financial resources within the framework of the aforementioned procurement process.

During discussions between the Prime Minister’s Staff and “Karen Demirchyan Sports and Concert Complex” CJSC, it became clear that the urgently required amount for the proper holding of the 8th summit of the European Political Community is 350 million drams, which must be provided within a short period of time in order to complete the work by May 4.

A draft government decision on the allocation of about 350 million drams from the 2026 government reserve fund to “Karen Demirchyan Sports and Concert Complex” CJSC has been instructed to submit to the Prime Minister’s Staff.

“BIDEK LLC” belongs to Davit Sedrakyan, the son of former ruling Republican Party of Armenia MP Mher Sedrakyan—a.k.a. Mher of Tokhmakh. Davit Sedrakyan was a lawmaker of the opposition "Armenia" faction of the National Assembly, but shortly after, on October 29, 2021, he resigned from his parliamentary mandate, announcing that he was doing to for non-political reasons.

It is noteworthy that during the years of Prime Minister Nikol Pashinyan's rule, the Sedrakyans' company completed numerous orders in the construction sector at the expense of state and local budgets.

The 8th summit of the European Political Community will be held in Yerevan on May 4. That day was declared a non-working day by the government's decision, but April 18 will be a working day instead.