Armenpress

CONCEPT OF VENTURING AND A DRAFT LAW READY FOR PARLIAMENT’S CONSIDERATION

YEREVAN, MAY 24, ARMENPRESS: The Eurasia Foundation has assisted the
Corporate Governance Center to develop a concept for introduction of
venturing system in Armenia, as well as a draft law on venturing funds.
Vladimir Badalian, the executive director of the Association of Armenian
Banks, said the concept and the bill are to be sent soon to parliament’s
consideration.
The concept was based on an extensive study of around 100 countries’
experience. Introduction of venturing funds is believed to provide an
opportunity for funding innovation projects and to help their practical
application-to set up new enterprises able to manufacture competitive
products. This is supposed to encourage economy development and promote
especially exports. Badalian said the idea of venturing needs to be
advertised aggressively among Armenian businessmen. He added there are
businessmen who are ready to invest in specific projects, if tests show they
are profitable