Following a court decision, the Yerevan Municipality reclaimed ownership of Yerevan’s Komitas Park last year. Later, Acba Bank approached the Municipality with a proposal to renovate the park located in the heart of the capital. The bank offered to co-finance a comprehensive redevelopment project intended to return the space to Yerevan residents with new concept. The project was formally launched with the signing of a memorandum of understanding between the Yerevan Municipality and Acba Bank.
The aim is to create an inclusive, accessible and safe public space that adheres to high environmental standards. The park, located adjacent to the Komitas State Conservatory, will reflect the legacy of Komitas Vardapet and his cultural heritage. 
Such initiatives highlight the vital role of private-sector social responsibility in fostering urban development and enhancing the quality of public spaces.
The project features the introduction of modern and efficient solutions, including energy-efficient lighting, a smart irrigation system and upgraded landscaping. The park’s trees will be preserved.
While maintaining the park’s layout and historical structure, a new garden pond will be created near the Komitas monument, and the surrounding area will be landscaped with wildflowers in artistic compositions.