Wednesday, March 29 2017 17:27
Alina Hovhannisyan

Within the framework of cooperation with Renesa investment company  the Global Credit launches the project on funding of innovation based ideas of IT-startups.

Within the framework of cooperation with Renesa investment company  the Global Credit launches the project on funding of innovation based ideas of IT-startups.

ArmInfo. The credit company of Global Credit within the framework of cooperation with Renesa Company announced the launch of  the project of funding the innovations based ideas startups in the sector of IT.

This was stated by Vahan Martirosyan,the Deputy Minsiter of Transport, Communications and IT, during the press conference held on March 29 at the Ministry. He mentioned that the initiative is implemented in the result of meetings and negotiations between  his entity  and the private sector, during which many problems have been fetched out related to the funding, being faced by startup companies at the first stage of their activities.  According to the Minister,  at the first stage the funding of the project will form about USD 200 thousand. " "The volume of funding chosen will have a  growth tendency, and could reach several million dollars  in the  end, which will depend on the nature and volume of ideas presented", Martirosyan mentioned. Answering the question of ArmInfo reporter, Martirosyan mentioned that this project will be in essence the funding of ideas, accentuating that the number of investors, wishing to have exposures to statrups, is pretty low nowadays in Armenia. According to him, the second stage of the common initiative will comprise the creation of some venture foundation or a club, funding young companies having capsulated already. As an example, Martirosyan referred to the format of  "business-angels" work – private venture investors providing  financial and expert support to the startup companies  at early stages of their activities.  From his side, the Global Credit Company Board Chairman Edward Maroutyan mentioned that the praticipants wiling to submit applications could  do it until the deadline stated as April 13, after which within the competition announced ten  most successful projects  bids will be elected, which will be provided also the consultative help besides the financial support in a form of accessible loan.  According to the ranking of credit companies prepared by ArmInfo as of January 1, 2017, the assets of Global Credit formed AMD 12,1 bln.

To note, GLOBAL CREDIT UCO CJSC is a universal credit organization  registered according to Resolution No. 267A as of 26 October 2010 of  the Central Bank of Armenia, established in consequence of  amalgamation of WASHINGTON CAPITAL universal credit organization CJSC  and CREDIT UNION universal credit organization CJSC, which also was  enlarged as a result of "GLOBAL CREDIT" UCO CJSC and "GFC GENERAL  FINANCIAL and CREDIT COMPANY UCO LLC union. Now the company is the  legal consequent of "Credit Union", "Washington Capital" UCO CJSC and  "GFC General Financial and Credit Company" UCO LLC.

RENESA CJSC was established on 26 March 2001. On 27 June 2008, the  Company was reregistered and re-licensed by the CBA as an investment  company. The Company has been a member of Stock Exchange since 24  January 2002. Starting from 11 December 2008 RENESA has also been a  member of the Securities Accounting System. In 2014, Renesa was  declared as the best investment company in Armenia.  The shareholders  of the company are Eduard Marutyan (50%) and Araik Karapetyan (50%).  Renesa has repeatedly been the underwriter and market maker of the  Armenian issuers' bonds.

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Government Bonds

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10 billion

Volume of T-bills for placement

200 million

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200 million

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Yield at cut-off price

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Maximum yield

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Мinimum yield

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Weighted average yield

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2

The maturity date of T-bills

03.02.2020

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