Economy Ministry hosted the 1st board sitting of a newly-formed Industry Development Foundation (IDF).

As Economy Minister, IDF board chair Tigran Davtyan stated at the sitting, the Foundation aims to extend financial, technical and organizational support to export-oriented companies.

The authorized capital of the organization amounts to AMD 500 million, including budget-provided AMD 300 million.

According to Davtyan, talks are in progress to increase the authorized capital through the involvement of private sector and foreign investments.

As he noted, Economy Minister was put in charge of the Foundation management, with deputy ministers, representatives of private sector and NGOs as board members.