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.