The Arts Council of the Yerevan Municipality has given the green light for a statute of Alexander Mantashyan, the famous oil magnate and philanthropist, to be erected in Yerevan.

A proposal to erect a statue of Garegin Nzdeh, a prominent military figure in the Armenian liberation movement, astride a horse in a Yerevan square that bears his name, was indefinitely postponed pending further review.

The Mantashyan statue will be installed on Abovyan Street close to the Arno Babajanyan Concert Hall, whose construction   the Armenian philanthropist funded.