Press releases

Government to establish State Interest Fund to support economic development in Armenia


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A Cabinet meeting was held today, chaired by Prime Minister Nikol Pashinyan.

The Government decided to set up State Interest Fund CJSC in Armenia. The statutory capital of the company is estimated at AMD 100.0 thousand, divided into 100 common (ordinary) shares with the nominal value of 1,000 drams each. All the shares belong to the Republic of Armenia. The reference note says that the Fund is meant to support the development of Armenia’s economy through investment, including investments.

By providing comprehensive consultation and support to potential investors, the Company will enhance Armenia’s economic potential. It will promote scientific and technological development in various sectors of the economy through improved investment flows and a business-friendly environment.

The Government adopted a relevant decision to increase the efficiency of the programs implemented on the basis of the family vulnerability assessment system and facilitate the process of applying for them. To this end, the decision recommends that information on credit history shall be obtained in a centralized way from the Credit Bureau with the written consent of the applicant.

The Yerevan Town Hall-initiated procurement of garbage cars has been appealed at the Court of General Jurisdiction, but the terms of the court decision are not clear. The sanitary situation has deteriorated dramatically in the capital city due to improper waste disposal. The Yerevan Town Hall’s direct intervention is needed under these conditions. Holding a competitive procedure for the purchase of garbage trucks may lead to a sanitary collapse.

Considering the shortage of time, it appears to be impossible to organize new a procurement tender. Therefore, the Government made a decision to authorize the Yerevan Town Hall to purchase garbage trucks from one entity. At Prime Minister’s proposal, Yerevan Mayor Hayk Marutyan reported on the sanitary situation in Yerevan and provided details of the draft decision to be discussed at the Cabinet meeting.

“I am convinced that you will take all necessary measures to prevent the problem from exacerbating. We should attempt at least intermediate solutions. Other companies as well can come up with a proposal to support the municipality in this situation. Anyway, we must resort to radical solutions,” Nikol Pashinyan underscored.

The Water Committee of the Ministry of Energy and Natural Resources will get 19406.0 thousand drams in compliance with the government’s decision to apply a 50% discount on the fees of irrigation water used in Meghri Region of Armenia in 2018.

The Government adopted a relevant decision to increase interest in the construction and reconstruction of small and medium-sized “smart cattle-breeding facilities” among the higher and middle vocational education institutions in the agrarian sector.

The Government decided to grant an army conscription deferment to a number of Armenian citizens with significant achievements in the field of sports in the period from winter 2018 to winter 2019. According to the reference note, Armenia will host the finals of the European Under-19 European Football Championship in 2019, which is an exceptional sporting event.

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