FOUNDATION OF ECONOMIC DEVELOPMENT OF RURAL AREAS IN ARMENIA TO BE ESTABLISHED

Noyan Tapan

Jan 8, 2008

YEREVAN, JANUARY 8, NOYAN TAPAN. During the January 8 sitting,
the Armenian government made a decision to establish the Foundation
of Economic Development of Rural Areas in Armenia and approved its
regulations.

The purpose of the newly-created foundation is poverty reduction
through economic development of Armenian rural areas. The powers of a
state government body to act on behalf of the foundation were reserved
for the RA Ministry of Agriculture. The minister of finance and the
minister of agriculture were instructed to allocate, after the state
registration of the foundation, funds (243,874.4 thousand drams) of
the Market Opportunities to Farmers program being implemented with
the IFAD’s assistance under the RA Law on the 2008 State Budget of
the Republic of Armenia. This sum will be allocated on behalf of the
Armenian government as a voluntary property payment for establishing
the foundation. The ministers were also instructed to sign with the
foundation an agreement on subsidizing envisaged by the financing
agreeement.

According to the RA Government Information and PR Department,
the minister of agriculture received instructions to present the
composition of the foundation’s board of trustees to the Armenian
prime minister within 10 days.