Lincy Foundation

From Armeniapedia.org
Jump to: navigation, search

Kirk Kerkorian's charitable foundation which is named after his daughters, Linda and Tracy.

Donations include:

  • Highway reconstruction, cultural center renovations, city beautification in Armenia
  • United Armenian Fund
  • Armenian Churches
  • Armenian Schools

2007-2011 school infrastructure project

07.07.2010
Tatevik Lazarian

Kirk Kerkorian, a U.S. billionaire of Armenian descent, will provide $12 million for building and refurbishing more schools in Armenia, a Yerevan-based representative of his Lincy Foundation said on Wednesday.

The Nevada-based charity has already spent $22 million on financing the first phase of a school infrastructure project launched by it in 2007. Ten public schools in Yerevan and other parts of the country were reconstructed or built from scratch by the end of last year.

According to Hrayr Sargsian, the head of the project implementation unit in Yerevan, the fresh Lincy funding will be channeled into six schools in the northern Shirak and Lori regions.

“We started the works one month ago and, naturally, will not be able to finish them in time for the start of the new academic year [in September,]” Sargsian told a news conference. “According to the construction schedule, they will take between 12 and 16 months.”

Sargsian said Lincy had planned to set aside nearly twice as much for the second phase of the scheme but eventually cut the sum because of the global economic crisis. But he said the charity may still increase it later on.

The Lincy executive estimated that about half of Armenia’s 1,400 or so secondary schools are in need of capital repairs. Some of them are being renovated by the Armenian government.

Kerkorian, 93, is Armenia’s largest Diaspora benefactor, having donated, through the Lincy Foundation, at least $240 million since its independence. The bulk of the money has been allocated and spent since 2001 on various infrastructure projects.

Those included the repair of 420 kilometers of major highways and the construction of 3,700 new apartments in Shirak and Lori. The two regions were devastated by a catastrophic earthquake that hit Armenia in 1988.

Kerkorian, who ranked 41st on the “Forbes” magazine’s list of the world’s wealthiest individuals before the global recession, was given Armenia’s highest state award, the title of “national hero,” during a rare visit to Yerevan in 2004. Then President Robert Kocharian cited the reclusive tycoon’s “exceptional services” to the country of his ancestors.

2006 work in Armenia

Regnum, Russia
Jan 13 2006

In the next one-two months, Armenia will start tenders on the construction and other works in the framework of second Lincy Foundation program. In an interview to a REGNUM correspondent Armenian presidential chief of staff Artashes Tumanyan noted that second agreement between Armenian government and Lincy Foundation presumes $60 million of investment in the Armenian economy.

Tumanyan noted, that second program of Lincy charity Foundation presumes three major directions of activities - road construction, improvement of Yerevan and school repairs. $20 million will be dedicated to each objective.

In the framework of the program, besides numerous road repairs and construction, 18 schools will be repaired, including 13 in Yerevan.

New heating systems will be installed, gyms will be provided with necessary facilities, seismic safety will be increased.

Tumanyan reminded that when the agreement with Lincy Foundation is ratified by the Armenian parliament, it will have a status of an international agreement. Two offices have been created to implement Lincy Foundation programs. After the tender, construction will start and in September 2006 second stage of Lindsy Foundation program will take place in Armenia.

Lincy Foundation is funded by American-Armenian businessman Kirk Kerkorian. During the last years the foundation has granted $165 million to the Armenian government, that helped overcome the results of earthquake in Spitak, repair most of republican theaters and museums, improve infrastructure.


This article contains text from a source with a copyright. Please help us by extracting the factual information and eliminating the rest in order to keep the site in accordance to fair use standards, or by obtaining permission for reuse on this site..

1997 entrepreneurial enterprise lending fund

Lincy, Tracinda Start $100 Million Armenian Business Project

LAS VEGAS (Business Wire) Citizens of the Republic of Armenia will be able to take advantage of a $100 million entrepreneurial enterprise lending fund spearheaded by former Sen. Bob Dole.

The funds, established by Tracinda Corp. and the Lincy Foundation, will be distributed by an international bank.

"It is an honor to join with Kirk Kerkorian in this program," said Dole."No doubt, this assistance will create countless opportunities for business and economic development. We both know firsthand the spirit and determination of the people who will use these tools to help build a brighter future for the country."

Jim Aljian, chairman of the Lincy Foundation, said that Dole was selected for this project because of his long-standing commitment to the Armenian people.

"This donation is being made during a critical time in Armenia's history,"said Aljian. "We feel very strongly that entrepreneurs should be allowed every opportunity to test their ideas and contribute to a diverse marketplace. In Armenia, people's enthusiasm and creativity are being challenged by exorbitant loan rates. We hope these efforts can provide an affordable source of funding and revive the economy."

© 1997 Business Wire

The fund was closed later without dispersing much of the funds.




Personal tools
Namespaces
Variants
Actions
Navigation
Databases
Toolbox