ArmInfo. 50 billion drams will be allocated for the implementation of the long-term development program of the Armenian economy.The decision on this was made at a meeting of the RA government on May 21.
According to Minister of Economy of the Republic of Armenia Tigran Khachatryan, the program is divided into 10 stages of 5 billion drams each. Today's cabinet decision approved the first phase of the project. Funds on an equal footing with the private sector will be used to support new investment programs. For each subsequent stage, a separate decision will be made after discussions of the previous stage.
According to the initiative, an investment fund will start operating under the Central Bank, the funds of which will be managed by the National Interests Fund. The investment fund will identify and attract potential investors for specific projects. At the same time, projects worth at least $ 1-2 million are subject to consideration. The investor undertakes to invest an amount equal to at least the investments of the fund itself. For every million dollars, the investor undertakes to invest the same amount, but the same investor undertakes to attract a bank loan, the amount of which should be no less than the sum of his investments and the investments of the fund taken together. For example, if an investor invests $ 1, a fund will invest $ 1, and another $ 2 will need to be raised from the banking system. At the same time, state funds are allocated to the authorized capital of companies with the right to use them when implementing the investment program. With the company entering the market and solving financial problems, the state will alienate its shares in favor of investors. Thus, both the state and investors will jointly solve the problems of emerging risks. The results of the first stage should be summarized in the government in 3 months. As Tigran Khachatryan noted, the decision made will significantly increase investment.
