Deadline for contributions to authorized capital of World Trade Center Yerevan extended

ArmInfo. The deadline for contributing funds to the authorized capital of the World Trade Center Yerevan CJSC being created is postponed for 15 days. The decision on this was made at the meeting of the RA government on August 15.

As noted in the justification for the draft decision, according to the established procedure, after state registration, the investor is obliged to make payment for the shares of the acquired company within 75 days, the estimated value of which is 4 billion 161 million 260 thousand drams. In addition, after state registration, the company is obliged to purchase the property of the building on Saryan Street, 22 within 75 days at a cadastral value of 6 billion 788 million drams by concluding a relevant agreement.

However, as emphasized in the justification, certain problems arose during the implementation of the above processes, and to solve them, it is proposed to replace the number "75" with the number "89", which will allow solving the problems within an additional 15 days. As a result of the project, new investments will be attracted, new jobs will be created, the attractiveness of Yerevan will increase, the business environment and the level of tourism will improve. The goal of the project is also to create a modern business ecosystem of the World Trade Center class A with sustainable infrastructure and cost-effective resources.

On April 30 of this year, the RA Minister of Economy Gevorg Papoyan and the General Director of Renshin LLC Eduard Marutyan signed an agreement on the implementation of the project for the construction of the World Trade Center in Yerevan. On the same day, a tripartite agreement was signed between the RA Government, Renshin LLC and HayPost CJSC, according to which World Trade Center Yerevan CJSC will be established. The decision to participate in the urban development project for the construction of the World Trade Center and the establishment of the World Trade Center Yerevan Closed Joint-Stock Company was approved by the decision of the executive authority on September 7, 2023.

 It was previously reported that the implementation of the program was to begin on January 1, 2024, and be completed on December 31, 2028. The total area of the center will be about 15,970 sq.m. The Ministry of Economy of the Republic noted that great importance is attached to the implementation of the project, since the total estimated cost of construction is almost $ 212 million. Thanks to the initiative, it is planned to create at least 10 thousand new jobs. In addition, tax payments to the municipal budget will increase significantly. The VCT will be located on the site of the Armpost building on Saryan Street.