Armenia to put money into investment fund supporting SMEs

PanARMENIAN.Net - The Armenian government will put money into an investment fund supporting small and medium-sized businesses, according to a resolution adopted by the government on Thursday, July 8.

Deputy Minister of Economy Avag Avanesyan noted that $31 million have already been invested into the fund by the European Bank for Reconstruction and Development, the Hovnanian Foundation, Amber Capital (owned by French businessman Joseph Oughourlian), and Amundi Acba Asset Management Fund. The Netherlands' FMO, he added, has pledged another $7 million, but on condition that the total capital of the fund reaches $45 million.

"Therefore, we will invest $7 million, then our partners from the Netherlands will provide another $7 million, and the capital will reach $45 million," Avanesyan said.

He revealed that the specialists of the investment fund had earlier studied local enterprises seeking investments. According to preliminary calculations, one dollar invested in these businesses will yield a return of $2.9-3.

$3 million will be allocated directly from the budget, while the remaining $4 million will come from the Armenian National Interests Fund (ANIF), a state-owned enterprise.