Development and Investments Corporation of Armenia may be privatized

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YEREVAN, June 9. /ARKA/. The Development and Investments Corporation of Armenia may be privatized, Economy Minister Tigran Khachatryan said on Monday at the National Assembly.

According to him, the corporation is in fact a credit organization and does not differ from other similar structures in terms of its assets.

He said its assets in the from of loans worth 10 billion drams are not very influential in terms of lending and the government is considering its possible privatization, especially that as a private company it would be quite competitive in the market and can actively participate in lending.

The minister noted that the National Center for Entrepreneurship Promotion will continue its work, since the government is set to continue providing financial and other assistance to startups and small businesses.

The Development and Investment Corporation of Armenia was founded in 2009 with the aim of enhancing entrepreneurship in economic sectors which are of strategic importance by focusing on the proportional development of the country’s regions. The target credit groups of the organization are legal entities (residents) and private entrepreneurs.

The Development and Investment Corporation is the manager of the All-Armenian Fund closed private investment fund.

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