500 mln AMD for the development of industry

Liana Yeghiazaryan

The Board of Trustees of the Industrial Development Fund held its first sitting today chaired by Minister of Economy Tigran Davtyan. The Minister presented the export-oriented state assistance programs envisaged by the industrial policy strategy in 2013.

The resources of the Find will total 500 mln AMD, of which 300 mln will be allocated from the state budget and 200 mln from the Gyumri Fund. Minister Davtyan explained that the newly created Fund will not provide credits. Instead it will support the innovation programs, the export-oriented enterprises on financial technical and organizational issues.

The Managing Board of the Fund will be comprised of representatives of the public and private sectors. Thus, the proposals and remarks of the private sector will now be audible.

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