ARKA News Agency, Armenia
July 4 2005

FIRST TECHNOLOGICAL VENTURE FOUNDATION TO BE ESTABLISHED IN ARMENIA

YEREVAN, July 4. /ARKA/. The first technological venture foundation
will be established in Armenia, Director of Enterprise Incubator
Foundation Bagrat Yengibaryan informed about it during today’s
press-conference. According to him, the issue is being negotiated in
the framework of World Bank Project for IT (Information Technologies)
development, with participation of donors and private investors.
“Negotiations are planned to be finished during upcoming months, and
it is planned to concretize issues of foundation’s establishment till
autumn”, Yengibaryan told. He mentioned that venture foundation will
be able to perform some management, and it will allow local investors
to direct their funds in profitable fields, including information
technologies. A.A. -0–