More than 1.9 billion drams allocated for the engineering city in Armenia

YEREVAN, September 19/ARKA/. At a meeting on Thursday, the Armenian government decided to allocate 1.940 billion drams through budget redistribution for the construction of the engineering city.

According to Minister of High-Tech Industry Mkhitar Hayrapetyan, this decision was made due to the expiration of the loan agreement with the World Bank. The allocated funds are needed to finance the work carried out after May 31, 2024. He said that 1.8 billion drams of this amount will be directed to the construction of the business accelerator building, finishing and infrastructure work.

Hayrapetyan also reported that now there are 22 companies and 350 employees working in the engineering city, 300 of whom are engineers.

He also noted that next year it is planned to allocate 1 billion drams for the engineering city, after which the state will fulfill all its financial obligations.

About the engineering city

According to ​​the project organizer, the Enterprise Incubator Foundation (EIF) of the engineering city will enable Armenia to become a regional technology center and a supplier of high-tech products to the world market.

The city’s "residents" will include companies in the automotive industry, wireless communications, semiconductors, radio frequency systems and devices, industrial Internet of things, electronics, biomedical engineering, and aerospace industries.

An important element of the EIF mission is quality education and training, and the campus will be a platform for high school and university students, researchers and engineers. It will also have a science and technology museum and a space museum. -0-

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13:28 09/19/2024