Saturday, 19 March 2016
PM Chairs Regular Meeting of Armenia Development Fund Board of Trustees
Prime Minister Hovik Abrahamyan chaired today a regular meeting of the Armenia Development Fund (ADF) Board of Trustees.
The Council discussed the annual report of the Fund’s activities in 2015. ADF Executive Director Arman Khachaturyan noted that State supported measures were implemented to promote exports, investment and tourism in the period under review. In particular, the Fund’s activities focused on manufacturing and processing industries, including agriculture, beverages, pharmaceuticals, jewelry, watch making, precision engineering etc.
Assistance was provided to more than 600 organizations; 1100 new partners have been identified, as a result of which nearly AMD 18 billion-worth investment was realized.
13 business forums were organized last year involving partners from Russia, the Czech Republic, , Luxembourg, Iran, Georgia, Moldova and others. The forums were attended by over 1,100 businessmen from almost all sectors of the economy.
The Fund subsidized loan program for 16 companies, resulting in annual exports of 13 billion drams. Co-financing was provided for 13 bids submitted by 9 entities engaged in the industrial sector: pharmaceuticals, precision engineering, food and beverage for registration of drugs and receipt of international certificates to ensure product sales on foreign markets. The certification is mainly intended for EU countries, the USA, Canada, Georgia, Uzbekistan and Ukraine.
During the exchange of views that followed, the Board members came up with opinions, suggestions and recommendations regarding the Fund’s activities, objectives and development programs.
Summing up the discussion, Prime Minister Abrahamyan said to have his own vision of the Fund’s organization, tasks and the effectiveness of its programs.
The Prime Minister stressed the importance of effective and transparent implementation of ADF programs and suggested that the members of the Council should soonest possible present their vision of the Fund’s charter in order to address the existing shortcomings and increase work efficiency. The Prime Minister stressed that the Council has a lot to do in these directions.
