Armenia's Economy Ministry and 4 companies signs agreements on AMD 17 bln investment

YEREVAN, January 12. /ARKA/. The Armenian government represented by the Ministry of Economy signed agreements with UM Agro, Agropro, Europlast 999 and GNC-Alfa companies as part of "Infrastructure in Exchange for Investments" program.

The program was approved by the Armenian government in August 2022. According to it, if a company invests up to AMD 500 million in a business project, the government is ready to provide the necessary infrastructure in the amount of 20% of the investment.

In case the amount is higher, additional assistance will be provided in the amount of 10% of the part of investments exceeding AMD 500 million.

In total, the 4 companies will invest about 17 billion drams and the government will invest about 1 billion drams in the development of necessary infrastructures.

UM Agro, Agropro companies intend to invest in the creation of intensive orchards, Europlast 999 company in production of ceilings and cornices, and GNC-Alfa (the Armenian subsidiary of Rostelecom) will invest in the creation of a data center. ($1 - 405.35 drams) -0-