The state to take part in the venture funds only in case of the private sector’s interest, stated Armenian Minister of Economy

#Economy #IFC #funds

Yerevan/Mediamax/. Armenian Minister of Economy Tigran Davtyan said today that the lack of venture funds in Armenia is conditioned by objective reasons.

Mediamax reports that at his today’s meeting with the students of Financial-Banking College in Yerevan the Minister said that the state will participate in establishment of venture funds only if private sector has financial interest in it.

“Venture fund establishment is a risky enterprise. There are credit resources that can be aimed at forming venture funds, in particular, at high technologies sector. However, the risk will reduce only in case of the private sector’s assistance”, said the Minister of Economy.

Mediamax notes that for already several years Armenia and Russia have been in search of a model of an industrial park and a venture fund, which can be established on the basis of “Mars” factory. In October 2010, Prime Minister of Armenia Tigran Sargsyan said that “the program has been struck by the global financial crisis”.

In March 2010, during his meeting with the Regional Director of the International Finance Corporation (IFC) Snezhana Stoykovich, the Prime Minister noted that involvement of the corporation in the venture funds being established in Armenia could be promising.

However, the fact is that there are no venture funds in Armenia.