Claiming that foreign investment in Armenia is on the uptick, Armenian Minister of the Economy Karen Chshmaritian told a government cabinet session today that the mining company Lydia International has entered into definitive agreements related to a US$325 million construction financing project for its Amulsar Gold Project.

The total financing requirement to fund construction of Amulsar is estimated to be $395 million, consisting of initial capital costs of $370 million plus an estimated $25 million for financing and other construction-period costs.

Chshmaritian added that the International Finance Corporation and the European Bank for Reconstruction and Development would be adding another $460-$480 million.

The minister said that such investment would facilitate the efficient organization of gold bullion production in Armenia.