Capital of Direct Investment Fund will be at least 30 million EUR

ArmInfo. The capital of the Direct Investment Fund (Privet Equity Fund), established in Armenia on the initiative of the European Bank for Reconstruction and Development (EBRD), will be at least 30 million EUR. Of these, the EU, EUR 5 million by the EBRD, will provide EUR 10 million and the management company Amber Capital, which recently won the tender, pledged to raise another 15 million euros to the foreign investment fund. ArmInfo was informed about this by a competent source in financial circles.

According to the information received, the fund will provide assistance to the SMEs of Armenia through joining the companies' capital, their development and with further withdrawal from the capital.

Earlier, Armenian Prime Minister Karen Karapetyan discussed the future fund's affairs with EBRD's Vice- President for Risk Management Betsey Nelson. The sides discussed possible programs for a future mutual fund aimed at stimulating small and medium-sized businesses in the country.

According to open sources, Amber Capital LP is a public company that sponsors hedge funds, established in 2005 in New York. Amber Capital LP provides services for compatible investment tools. The company specializes in investments in public equity capital and alternative investment markets in Europe, Latin and North America. The company, while forming its investment portfolio, adheres to fundamental analysis along with benchmarking technology "from the bottom up". The general director and founder of the company is a Canadian of Armenian origins, Josef Ugurlyan.