YEREVAN, (ArmenOress) - The government of Armenia and The Lincy Foundation signed November 21 a Memorandum of Understanding that formalizes the modification of The Lincy Foundation's significant commitment to Armenia's economic development.

During a meeting in June with President Robert Kocharian in Washington, Mr. Kirk Kerkorian enthusiastically endorsed the Armenian government's request for targeted assistance to activities that will have a multiplier effect and generate faster economic growth. During the months that followed, the government undertook extensive analysis and determined the best possible utilization of funds. The government has identified six specific projects totaling $165 million that will produce the quickest start and the quickest result:

1) Provide loans to local Armenian businesses in order to create jobs for the unemployed and underemployed. Also, provide loans and equity investments to large foreign corporations in order to induce them to establish operations in Armenia with the aim of providing jobs to the local population.

2) Complete the reconstruction of additional housing in the Earthquake Zone for which there is such a desperate need.

3) Design, construct, and improve a network of roads within Armenia. This will serve to facilitate the flow of people and goods, as well as internal travel for tourism.

4) Repair and renovate more than two dozen historical and cultural institutions, such as the Matenadaran, the Opera House, theaters and museums. These national treasures will attract local and foreign tourists.

5) Invest in the construction of new hotels and other tourism-related infrastructures, including the renovation and expansion of Yerevan Zvartnots airport. Increased tourism is a direct way to attract additional foreign currency, particularly since tourism requires modest capital outlays and provides quick employment for workers after a brief training period.

6) Upgrade and beautify downtown Yerevan. This urban project will include the launching of Tamanian's "Northern" street which will evolve into a pedestrian mall with attractive lighting and landscaping, retail and service establishments, as well as office and residential space.

The funding for loans to Armenian citizens and the grant for road construction is available immediately. The other projects will commence as soon as The Lincy Foundation receives favorable tax rulings from the US government.

The Lincy Foundation's commitment signals its confidence in Armenia's future. President Kocharian is certain that with public accounting of the progress of each project, other Diaspora and foreign entities will be inspired to join the effort to infuse resources into Armenia's economy, create jobs and improve the quality of life for the people of Armenia. The President has appointed a high-level commission to oversee and monitor the progress of these projects.

Together, these diverse projects will have a major impact on various sectors of Armenia's economy. This is just the beginning of the government's ongoing efforts to use Armenia's capable workforce and historic treasures to attract travelers and businesses to Armenia. The Lincy Foundation's charitable contributions will be the starting block for a revitalized economy and a hopeful future.