New major investments are expected in Gyumri, Armenia, within the framework of the Local Economy and Infrastructure Development project, acting minister of territorial administration and infrastructure Suren Papikyan said, Armenpress reported.
The project is funded by the Armenian government and the World Bank, and it is implemented by the Territorial Development Fund of Ministry of Territorial Administration and Infrastructure.
“The works aimed at improving Gyumri and strengthening the cultural city’s tourism potential continue. Works in unprecedented scale are expected”, Papikyan said.
According to preliminary calculations, the total cost of all these works will be about 4 billion 300 million drams (approx. US$ 8,712,776)