Armenian IT companies to receive additional state assistance in the  amount of 888 million drams

ArmInfo. Information technology companies in Armenia will receive additional state  assistance in the amount of 888 million drams. At a meeting on  September 2, the RA government approved a draft decision, according  funds are being redistributed under the 17th program of anti-crisis  measures to neutralize the economic consequences of COVID-19.

According to the Deputy Minister of High-Tech Industry of the  Republic of Armenia Gor Melikyan, the department planned to carry out  a number of events, however, the coronavirus epidemic made its own  adjustments, as a result of which the indicated amount was unused.

Funds in the form of innovative grants will be used to create the  final product for IT companies. At the same time, grants will be  divided into three categories. In the first case, we are talking  about companies that are registered in the country and have been  successfully operating on the market for more than two years.  They  are provided with grants in the amount of up to 20 million drams. The  second category of companies is intended for economic entities  operating in Armenia for up to two years. For them, the amount of  grant assistance will be up to 10 million drams. For these two types  of programs, according to the Deputy Minister, a record number of  applications has already been received - over 290. Moreover,  applications cover various areas - from education and medicine to  agriculture and the military-industrial complex. The third group of  companies eligible for grants will include engineering technology  companies that have already attracted documented and confirmed  investments, for example, companies that will attract investments  from venture funds or business angels within a year. In this case,  the participation of the state will consist in 100% co-financing of  their projects, but for an amount not exceeding 30 million drams. On  the third component, 5 applications were received, but, as the deputy  minister assured, by the end of the year, these volumes will  increase.