YEREVAN. -- Armenia will have a national venture fund that will be managed by international world-class professionals, Minister of High-Tech Industry Hakob Arshakyan said during the Business Innovation Forum 2019.

He added that the fund will be formed by using the mechanism of public-private partnership.

According to the government plans, in 5-7 years, the funds will reach $100 million, including state funds. The main goal of the venture fund is to invest in startups, Arshakyan noted. He emphasized that the government wants to create a favorable environment to attract foreign professionals who will come to work in the country.

The ministry is making certain moves  to support startups, while the state budget provides grant projects. In particular, the government is ready to provide a grant of 50% with co-financing by the company.  In order to maintain balance, 75% of grants will be provided to startups in the regions, and only 25% to the companies operating in the capital city.