YEREVAN, DECEMBER 16, NOYAN TAPAN. An investment program envisaging construction of Masis, Sis and New Armenia lakeside holiday places in Yeghvard by 2014 was discussed at the Armenian Development Agency (ADA) on December 16. The investment program was submitted by MGM Mirage company. The Program director Armen Vardanian stated that the project received approval of the RA ministry of economy and statesmen. It will allow developing both international and domestic tourism in Armenia. Presenting the project, A. Vardanian said that first of all it is necessary to resume the Yeghvard reservoir's construction, which was interrupted after the collapse of the Soviet Union. In his words, there are wonderful views of Ararat, Haykakan Par, Aragats and Ara mountains from the littoral areas of the reservoir, which is a good prerequisite for tourism development. He said that the exterior of the hotel complex resembles Sis and Masis, and the tall building of New Armenia is beside it. This complex on the shore of the 1,000-ha reservoir is planned to have hotel rooms representing 2.5 thousand private properties. According to A. Vardanian, 300 million dollars is needed for construction of the whole complex and the reservoir, including 100 million dollars for the reservoir. The investors will offer financing to purchasers of individual rooms: a prepayment of 50 thousand dollars, a 20-year repayment period, and an annual interest rate of 10.5%. The purchaser will pay for 6 years, after which payments will be made from the revenues received from the rental of the hotel room representing property of the purchaser. A. Vardanian said that 100 million dollars will be necessary to start the work, after which the money received from the sale of rooms will be used. According to him, it is planned to finish construction of the reservoir and the complex in line with international standards in 2014 so that guests who will arrive in Armenia in connection with the 100 anniversary of the Armenian Genocide will stay there. A. Vardanian announced that two big companies are interested in the program as a result of cooperation with ADA. "We also applied to the Armenian government with the request to present the project to investors," he noted. During the discussion, the deputy minister of economy Ara Petrosian said the project was discussed twice at the ministry. He added that its implementation will enable to develop alternative tourism, in particular, water tourism in Armenia.

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