AMD 1.94 Billion in Engineering City Investment Project to Ensure Ongoing Development

The Armenian Government approved the draft decision for the continued implementation of the Engineering City investment project, allocating AMD 1.94 billion to ensure the implementation of ongoing works. The draft was presented by RA Minister of High-Tech Industry, Mkhitar Hayrapetyan, at the Government session on September 19.

"Starting from May 31, 2024, given the ending date of the loan agreement with the World Bank, new works, goods, and services will be financed through the RA state budget via the RA Ministry of High-Tech Industry. Consequently, it is proposed to allocate AMD 1.94 billion to the Engineering City project from the unused funds of the Digital Transformation Process Implementation program.

Of the mentioned amount, AMD 1.88 billion will be used for the construction and furnishing of the Engineering Business Accelerator building planned for 2024. Meanwhile, AMD 67.9 million will be allocated for the coordination, maintenance, and servicing of the Engineering Business Accelerator building and general infrastructure.

Since the Enterprise Incubator Foundation was recognized as the main operator for the implementation of the Engineering City project by a relevant decision of the Government of the Republic of Armenia in 2020, it is planned for the EIF to carry out maintenance and service through a service provision contract," the Minister reported.

In addition to highlighting the increase in the number of employees working in Engineering City 1, gradually increasing over the years, the Minister also presented the work completed in Engineering City to date and emphasized the importance of building the Engineering City. In 2019, there were 80 employees in Engineering City 1, whereas now there are 350, of whom 300 are engineers. Currently, 22 engineering companies are represented in the Engineering City.