VENTURE FOUNDATION TO BE BASED IN ARMENIA

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.