ArmInfo. A National Venture Fund will be established in Armenia to support start-ups. The Minister of Transport, Communications and Information Technologies of Armenia Ashot Hakobyan stated this on September 4 at a press conference in Yerevan dedicated to 100 days in office.
According to him, the idea of creating a National Venture Fund was previously presented in Toronto, Los Angeles and New York, receiving a positive response. In order to form a fund with a capital of about $ 20- $ 30 million, negotiations were held with foreign donors, local funds and investors. The minister noted that the Multi Group company, headed by the well-known businessman Gagik Tsarukyan, also created a $ 1 million venture fund to assist domestic start-ups. All these measures, Ashot Hakobyan continued, will assist in the promotion of information technology and the creation of new jobs.
The sphere of information technologies of Armenia annually ensures a steady growth at the level of 29- 25%. In 2017, the sphere crossed the threshold of 35%.