Armenia to have national venture fund
04.09.2018,
18:02
Armenia will have a national venture fund, Transport, Communications and Information Technology Minister Ashot Hakobyan said at a press conference on Tuesday.
YEREVAN, September 4. /ARKA/. Armenia will have a national venture fund, Transport, Communications and Information Technology Minister Ashot Hakobyan said at a press conference on Tuesday.
According to him, the idea of establishing a national venture fund was presented to investors during a series of business discussions in Toronto, Los Angeles and New York and received a positive feedback.
"We are currently negotiating with foreign donors, local funds and investors, and we expect that the investments will amount to $20-30 million and even more, which will be used to promote and finance start-up programs," Hakobyan said.
In addition, according to the minister, the Armenian Multi Group has created a venture fund with initial financing of $1 million to provide financial assistance to start-up companies in the field of high and innovative technologies.
Hakobyan also said the ministry has drawn up a bill on granting new tax breaks to IT startups and submitted it for approval to the PM’s office. --0--
According to him, the idea of establishing a national venture fund was presented to investors during a series of business discussions in Toronto, Los Angeles and New York and received a positive feedback.
"We are currently negotiating with foreign donors, local funds and investors, and we expect that the investments will amount to $20-30 million and even more, which will be used to promote and finance start-up programs," Hakobyan said.
In addition, according to the minister, the Armenian Multi Group has created a venture fund with initial financing of $1 million to provide financial assistance to start-up companies in the field of high and innovative technologies.
Hakobyan also said the ministry has drawn up a bill on granting new tax breaks to IT startups and submitted it for approval to the PM’s office. --0--
