City Hall has Taken 4 Million Euros Guaranteed from the Road Construction Company

The City Hall has taken 4 million euros guaranteed from the road construction company. This was announced by Deputy Mayor Tigran Avinyan during today’s council meeting.

He addressed the road construction activities on Babajanyan Street, where the contracting company has gone bankrupt. “Unfortunately, the contracting Italian company has gone bankrupt, and we were informed about this a bit late,” Avinyan said, adding that after certain negotiations, the city of Yerevan exercised its rights and took the amount secured by the guarantee of 4 million euros.

“At this moment, the process of signing a contract with a new contracting company is in its final stages. I assure you, there is no fault of the relevant authorities in this process. The company simply went bankrupt and was unable to continue the work. We have fully exercised our rights,” the Deputy Mayor noted.