On October 8, in the presence of the Minister of Economic Development and Investments of RA Suren Karayan, an agreement has been signed between “ARMHYDROENERGYPROJECT” Closed Joint-Stock Company (CJSC) and “Garaventa AG” Swiss Company of the “Doppelmayr Garaventa Group”.

On October 6-8, Marketing and Sales President of “Garaventa AG” company Philip Biner and Sales Director Thomas Kurt visited Armenia to sign the agreement.

According to the agreement, within the framework of the development of the “Old Khndzoresk” historical-cultural reserve program, the construction of a funicular in Khndzoresk village by the “ARMHYDROENERGYPROJECT” CJSC is planned.

Investments in the initial phase of the funicular construction will amount to $ 6 million 100 thousand.

The Minister of Economic Development and Investments of RA Suren Karayan stressed the importance of signing the agreement and the implementation of the program in the context of attractiveness and development of Syunik tourism infrastructure.