Yerevan is endowed with rich historic and cultural monuments, as well as buildings of cultural significance that now need restoration and renovation. Their maintenance and preservation rests with the Municipality of Yerevan. In 2011, UNDP Armenia, in partnership with the Municipality of Yerevan, decided to rejuvenate Yerevan. The first work under the “Beautiful Yerevan” project was the monument to Stepan Shahumyan and the adjacent area, which have been fully refurbished. The authors of the Stepan Shahumyan’s monument are sculptor K. Merkurove and architect I. Zholtovskin. Complex consists of statue from pink granite putted up on gradual pedestal and built construction of coloumns behind. By the way, St. Shahumyan statue is the city's oldest and first public installed statue in Yerevan (1931). UNDP and the Municipality of Yerevan are convinced that targeted interventions will support the preservation of cultural and historical heritage in the capital, enhancing the tourism opportunities and socio-economic development of Yerevan. The improved image of the city will contribute to making it more attractive place to live, work and invest.