China to Invest $10-15 Billion in Building a 'Smart City' in Armenia

China will invest $10-15 billion over the next 15 years to construct a 'Smart City' in Armenia. The corresponding agreement was signed on August 6 between the Chinese Academy of Sciences, Chinese construction corporations, Chinese banks, and Armenia's 'ADKARS' Development and Reconstruction Agency.

The 'Smart City' is a next-generation settlement where all systems are managed by innovative technologies, ensuring the highest quality of life for its residents. The Armenian-Chinese city, with a population of approximately 15,000, will establish joint ventures focused on scientific innovations and the development of cutting-edge technologies, particularly in artificial intelligence, 'smart' agriculture, medicine, tourism, and the banking system.

The design work for the city will commence in 2021. This project is being implemented within the framework of the Chinese initiative 'One Belt, One Road.'