RUSSIAN SITRONICS AND ARMENIAN GOVERNMENT TO SET UP JOINT VENTURE CAPITAL FUND
ARKA
September 8, 2009
Yerevan
A joint Russian-Armenian venture capital fund, with participation of
JSC Sitronics, a leading provider of telecommunications, information
technology and microelectronic solutions in Russia and the CIS,
with a growing presence in other emerging markets and the Armenian
government, will come online before mid 2010, Bagrat Yengibarian,
director of Enterprises Incubator Foundation (EIC), told today.
Speaking at a news conference he said the Armenian government in
cooperation with World Bank and Sitronics is already developing a
venture capital fund model.
He said the Armenian Small and Medium-Sized Businesses Support
Center has been implementing already a similar project with the
involvement of IT companies. He said the first contributions in
the joint venture fund have been already made and the sides are now
centered on organizational issues.
"Armenia has venture potential but there are no operating funds. It
is evident that the government realizes the importance of venture
capital, has found funds and is involved in the development of
possible, most effective models and is drafting a legal framework,’
Bagrat Yengibarian said.
The joint venture capital fund, to be formally established either
later this year or early next one, will have $30 million. To run
its operations in Armenia Sitronics plans to found a subsidiary
Sitronics AM.
According to some estimates, if everything goes well, the fund may
increase in two years up to $80-90 million. M.M.
From: Emil Lazarian | Ararat NewsPress
Disclaimer: This article was contributed and translated into English by Emil Lazarian. While we strive for quality, the views and accuracy of the content remain the responsibility of the contributor. Please verify all facts independently before reposting or citing.
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