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Venture foundation to be based in Armenia

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  • Venture foundation to be based in Armenia

    Pan Armenian News

    VENTURE FOUNDATION TO BE BASED IN ARMENIA


    01.07.2005 08:02

    /PanARMENIAN.Net/ During 2-3 months a venture foundation for information
    technologies will be based in Armenia, Director of the Armenian Enterprise
    Incubator Foundation (EIF) Bagrat Yengibarian stated during today's press
    conference. In his words, such capitals are the most appropriate way of
    financing the IT sphere, since financing a highly dynamical field is always
    accompanied by great risk. The project will be implemented within the second
    EIF program. To note, the period of the project was prolonged by the World
    Bank till December 2006. The development model will not undergo any
    considerable changes. The EIF will go on holding business consultations,
    contributing to the formation and development of new organizations and
    conducting trainings for specialists. Bagrat Yengibarian also informed that
    the new EIF building will accommodate 15 companies interested in cooperation
    not over the low rent but the resources available in the building. To
    remind, the business incubator project was launched in 2002 with the
    assistance of the Armenian government and the World Bank. The authorized
    fund of Enterprise Incubator Foundation made $5 million; financial flows of
    Armenian private sector were also attracted.
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