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YEREVAN. – At Thursday’s Cabinet session, the Government of Armenia has made a decision in connection with Old Yerevan Project in the capital city.

In particular, it was decided to grant the mayor of Yerevan the power to conclude contracts that specify the state’s and the acquirer’s rights, obligations, and accountability during alienation of property in the Old Yerevan Project area.

“This is a very important project; we must work so that it will be brought to fruition,” acting Prime Minister Nikol Pashinyan said, in particular, in this regard, during the Cabinet meeting. “There are seven to eight architectural monuments in that area. (…) the monuments should not be damaged. (…) we work together with the investor so that the project will be transformed in a way that the monuments remain intact, and the project be fully implemented; we have a full understanding with the investor, in this regard.”

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