YEREVAN. – Innovation programs will be funded through budget in Armenia.

A total of 170 million AMD will be allocated for this purpose, Samvel Harutunyan, chairman of state committee on science, told Armenian News-NEWS.am-Innovation correspondent.  

According to him, the programs will also have co-financing.

”The government will finance 85% of the program, while researchers have to search funds for remaining 15%. They should make a deal with a businessman on co-financing, and only then to present the program,” he said. 

Science cannot be financed only at the expense of state funds, he added.  No matter how rich the state is representatives of the private sector should be involved as well.

Harutunyan stressed that the government will increase financing with each year if the program proves to be efficient. 

He noted that about dozen researchers have already found funds and would seek for budget financing.

Contest for financing innovation programs will be announced in late May.