3rd Phase of Fundraising

/2002-2008/

Due to the increased availability of office space in Yerevan and the rising cost of maintenance for Tekeyan Centre, the repayment of the loan was progressing slowly, from funds generated by rental income of the office space and halls.

For this reason London Tekeyan Trust embarked on a further phase of funding in order to raise the remaining USD 220,000 to clear the loan to UBS Geneva. In 2002, since the AGM, generous commitments from the Trustees raised USD 20,000 toward the final target, thus leaving the real target of USD 200,000.

Thus, the total UBS loan was cleared in late 2008.