The memorial, being set up by Jewish organisation Chabad-Lubavitch, will be formally announced at an event during Israeli Prime Minister Benjamin Netanyahu's visit here on Thursday, Rabbi Israel Kozolovasky, who heads the Nariman House at present, said. The "living memorial" has been designed to educate and inspire people of all faiths to act for the betterment of themselves, their communities and the world, he told PTI in an interview.