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The Russian Interregional Women’s Entrepreneurship Association will raise $8 million to invest in the development of eco-tourism in Armenia’s second-largest city of Gyumri, Mariam Manukyan, the head of the Council for International Business Relations Support told ARKA news agency.

She said her organization was contacted by the Russian side and asked for an investment package.

“We have been working in this area for the last six months. And now, after reviewing the projects presented, particularly regarding hotel and tourism development, our partners have expressed a desire to invest $8 million through Russian companies,” Manukyan said.

Manukyan said also that a package was chosen of a private company that seeks to develop eco-tourism in Armenia’s second-largest town of Gyumri.

Representatives of the Russian Association are currently in Gyumri studying the area and its possibilities, Manukyan said.