An agreement on “Old Yerevan” construction investment program was signed in Yerevan today.

The agreement was signed by Armenian Minister of Urban Development Narek Sargsyan and “Multicontinental Distribution” LTD as represented by Gevorg Machanyan, Swiss investor Vartan Sirmakes’s authorized person.

Mediamax recalls that at the governmental session on November 6 2014 Armenian Prime Minister Hovik Abrahamyan said “there is an option of up to USD 120-130mln investments in its implementation”.

The construction works of the project will start in 2015.

Supposedly, the investor has been changed as in 2013, the author of “Old Yerevan” project Levon Vardanyan told Mediamax that the project was ordered by a Russian company.

Mediamax notes that Vartan Sirmakes is the owner of Armswissbank and major shareholder of Artsakhbank.