The government announced today, December 14, that it has decided to allocate the abandoned property at 18/6 Northern Avenue in the city of Kapan to the “Simonian Educational Foundation.” This is an exciting development as the foundation plans to use the property to create a facility that will provide quality education in Kapan. This initiative will greatly benefit the community by offering access to education opportunities for numerous young individuals.

In order to implement this program, the foundation has committed to investing 300,000,000 AMD ($617,000) over a two-year period. This substantial investment demonstrates their dedication to providing a high standard of education in the region.

The assessed market value of the property on July 17, 2023, was determined to be 52,600,000 AMD ($108,000) based on an evaluation of the real estate market. This shows the value and potential of the property that will now be utilized for educational purposes.

This news from Armenia holds great promise for the future of education in Kapan. The government’s decision to allocate this property to the “Simonian Educational Foundation” highlights their recognition of the importance of quality education and their commitment to providing opportunities for the younger generation.