YEREVAN. – The money, which was received from the sale of the building that also housed the Ministry of Foreign Affairs (MFA) of Armenia, will be allocated for the repair of streets in capital city Yerevan.

The respective decision was approved at Thursday’s Cabinet session.

This amount, which totals approximately US$4,886,000, will be used for filling up the cracks on and the current repair of Yerevan streets, and maintenance of the external lighting network of the city.

In its stead, however, the Armenian state budget will allocate the same amount to the reserve fund.

The building was sold to Tango construction company, whose proprietor is Argentinean Armenian billionaire Eduardo Eurnekian.

Aside from purchasing this building, the company also built a new government building complex, at its expense in downtown Yerevan, for the MFA and four other ministries of Armenia.