ArmInfo. As part of the Economic and Investment Plan for Armenia, the EU plans to mobilize 2.36 billion euros to support economic diversification. This was stated by the head of the EU Delegation to Armenia Vassilis Maragos.
"We are glad to see progress in the construction of the Engineering City. Private sector development, innovation and entrepreneurship are a priority for the EU.
As part of the Economic and Investment Plan for Armenia, we plan to mobilize 2.36 billion to support economic diversification, sustainable development and economic growth," Maragos wrote on his Twitter microblog (X).
Earlier, the Ministry of High-Tech Industry of Armenia reported that Minister Mkhitar Hayrapetyan, together with the head of the EU Delegation to Armenia Vasilis Maragos, visited the "Engineering City" and got acquainted with the progress of construction work.
"Engineering City" is a public-private partnership project implemented by the Enterprise Incubator Foundation with the active and key support of the Government of Armenia represented by the Ministry of High-Tech Industry, in cooperation with the Engineering Association and a number of private sector companies. Currently, 30 engineering and high-tech organizations and 350 employees, mostly experienced engineers, are involved in the Engineering City. Let us recall that the construction of the city was first discussed in 2017. At that time, it was reported that the $20 million project would be built within three years on a 3-hectare area in Bagrevand. It was also noted that investments for the construction of the city would be provided by about 16 private companies. However, the project has not yet been implemented.
