RA NATIONAL COMPETITIVENESS FUND (NCF) BOARD OF TRUSTEES MET ON AUGUST 1 AND 2, PRESIDED AT BY BOARD CHAIRMAN, RA PRIME MINISTER TIGRAN SARGSYAN

Mon day, 3 August 2009

The meeting reviewed the new program package, defined activity areas,
discussed educational initiatives etc.

Four activity areas have been identified: tourism, health care,
education and attending sub-areas. A package of program proposals
was identified for each area.

The Fund will concentrate on 4 geographic itineraries in the field
of tourism. A 3-year program for the revival and reconstruction
of Tatev monastic complex has been underway since early this year,
which seeks to promote southbound tourism in Armenia.

In the sphere of health care, the Fund will make efforts to promote
treatment of tumors and cardiology in Armenia. A center of nuclear
therapy will be set up to this end.

The Fund will seek to develop higher education, teacher training and
the system of high schools in Armenia.

Developing information networks in Armenia and fostering communication
skills among Armenians has been determined to be a separate activity
area.

Underway is the World Bank-supported Advanced Communication Network for
Armenia program which seeks to expand telecommunications countrywide.

A special discussion was dedicated to educational problems. Keynote
statements were delivered by RA Minister of Science and Education Armen
Ashotyan, Head of the World Bank Armenia Office Aristomene Varudakis,
Director of Luys Foundation Jacqueline Kara-Aslanyan and Partner of
McKinsey&Co. Avetik Chalabyan.

The meeting heard and approved the concept of creating a complex of
development efforts for research and education in Armenia, presented
by NCF Executive Director Bekor Papazyan. It has been decided to
work out a comprehensive program package for discussion at the next
meeting of Board of Trustees.