Armenian cabinet backs investment fund bill for private entities
The cabinet on Thursday gave a green light to a proposal for creating an investment fund, approving earlier amendments to a May 21 decision outlining measures for facilitating "real investments" in "real companies".
Admitting the government's non-unanimous position on the issue, Prime Minister Nikol Pashinyan said they eventually opted for an open voting in an attempt to employ the "experimental tool". The prime minister noted that the opinions were divided after heated discussions and debates. "The two groups of arguments have their justifications in essence. We have to state, however, that the bill does not promise the outcomes we would expect it to have," he said, attributing the failures to the established rules.
Disagreeing with the premier, Deputy PM Mher Grigoryan said they have now adopted a new set of "selected rules" to pursue just procedures. "I do not agree that the assistance measures failed to meet the assigned targets or are imperfect anyway," he told the cabinet members.
Pashinyan later proposed private investments in the form of money for "companies which are just on the way to become a business entity", highlighting the role of credit agreements with banks as the second important criteria.
"What we are being proposed today is the elimination of both rules. Is it possible anyway to arrive at a compromise-based option to eliminate only the first rule while leaving the second in place? That is to say, the company which is just being created may invest intellectual [potential] instead of money or undertake the development of building premises."
Minister of Economy Vahan Kerobyan, who was the initiator of the bill, said they are excluding the first rule considering the visible risks rather than the concerns that it may not be investment-friendly.
Only three cabinet members - Minister of Finance Atom Janjughazyan, Deputy PM Grigoryan and Minister of Labor and Social Affairs Mesrop Arakelyan - voted against the measure.
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