Yerevan/Mediamax/. The Lincy Foundation, founded by American billionaire of Armenian decent Kirk Kerkorian, terminates its activity.

University of California, Los Angeles (UCLA) Chancellor Gene Block and Kirk Kerkorian, yesterday announced the formation of the “Dream Fund” at UCLA, Mediamax reports.

It’s a community-based fund devoted to the support of medical research and academic programs at UCLA, as well as the support of a wide range of charitable projects throughout the United States. The Lincy Foundation will be transferring all of its assets, valued at approximately $200 million, and its charitable programs in progress to the Dream Fund.

Upon receipt of requisite government approval, the Lincy Foundation will terminate its operations.
 
Mediamax recalls that in July 1998, the government of Armenia and the Lincy Foundation signed a $100mln agreement for the implementation of a loan program for the development of private entrepreneurship in Armenia. The sum was allocated to Armenia as an interest-free loan and was distributed among local commercial banks.

In November 2000, the government of Armenia and the “Lincy” Foundation signed a memorandum on allocating $165mln for the development of Armenian economy. A number of large-scale programs have been implemented by these means: housing construction in regions that suffered as a result of 1988 Spitak earthquake; improvement of highway networks across Armenia; reconstruction and restoration of over two dozens of theaters and museums, improvement of the Yerevan center.

Early this February the Lincy Foundation donated $10.5mln to the United Armenian Fund, most of which will be directed to the repair of schools in Spitak earthquake zone.