ArmInfo. Construction in Armenia of the Engineering City will be completed in late 2020 - early 2021. On January 10, Acting Minister of Transport, Communications and Information Technologies of the Republic of Armenia Hakob Arshakyan stated this at a government meeting.
According to him, in order to build the Engineering City, the Yerevan Mayor's Office handed over to the Republic of Armenia 3 hectares of land on Bagrevand Street, the cadastral value of which is 135 million 720 thousand drams. The gift of the metropolitan municipality, the decision of which was approved today at a government meeting, will be transferred to the balance of the Ministry of Transport, Communications and Information Technology. As Hakob Arshakyan continued, the project, worth $ 21.2 million, is being implemented on the basis of a public-private partnership with the assistance of the World Bank. There are also companies that are united in a consortium interested in the implementation of this program.
Earlier ArmInfo reported, the Armenian government at the meeting on March 1 approved the concept of creating an "Engineering City" and a schedule of activities stemming from the document. Minister of Economic Development and Investments Suren Karayan stated that the goal of the program is to turn Armenia into a country that exports engineering and high-tech products and services to the global market, as well as to the regional hub of innovative solutions. To create the "Engineering City" selected area of 3 hectares on the street. Bagrevand. The program is planned to be implemented on the basis of public- private partnership. The planned investment volume will be $ 21.2 million, of which $ 10.5 million will be co-financed by the state under the World Bank's credit program "Trade and Quality Infrastructure Promotion." The rest is invested by National Instruments AM and a consortium comprising 14 joint- stock companies The program is expected to become self-sufficient for the fourth year of its operations. Within the framework of the project it is planned to train and retrain 1500 specialists in the field of engineering and high technologies. 2000 new workers will be created and 20 new enterprises in the field are founded. It is also expected to increase the efficiency of companies by 40%, export volumes have increased by 30%.