April 11, 2012 - 15:13 AMT
IT venture fund to operate in Armenia by yearend

A venture fund for financing startups in IT sector will operate in Armenia by the end of 2012, director of Enterprise Incubator Foundation (EIF) said.

As Bagrat Yengibaryan told a press conference on April 11, the first venture fund will be established through government assistance of USD 6 mln, with 50% assistance to be ensured by the private sector.

“A complete model of the fund has already been developed, with requirements specification planned in the near future to make the project feasible by the end of the year,” Mr. Yengibaryan said.