YEREVAN. – Inaugural session of the Industry Development Fund (IDF) Board of Trustees convened Monday at Armenia’s Ministry of Economy. 

By and large, the IDF will provide support to the country’s export-oriented industrial policy. The Fund is being established on the basis of Economic Development Fund of Gyumri city. In 2013, the IDF will have AMD 500 million (approx. $1,221,670) at its disposal, whose AMD 300 million (approx. $733,000) will be allocated from the state budget and AMD 200 million (approx. $488,668), from the Gyumri fund.       

In Economy Minister Tigran Davtyan’s words, the IDF will not give loans, but rather provide technical and organizational assistance, such as financial support for participation in exhibitions.