The government of Armenia has decided to finance the "Engineering City" project with an allocation of approximately $5 million. This decision was made during a cabinet meeting on September 19, following a proposal by the Minister of High-Tech Industry, Mkhitar Hayrapetyan.
The majority of the funds—about $4.83 million—will be directed toward the construction and equipping of the Engineering Business Accelerator building, slated for completion in 2024. The remaining $174,000 will go towards the maintenance and upkeep of the building and the overall project infrastructure.
Minister Hayrapetyan explained that this funding is necessary to ensure the continuity of the "Engineering City" project. The funds will be sourced from the unused budget of the "Implementation of the Digital Transformation Process" program.
It is worth noting that the main operator of the "Engineering City" project is the Enterprise Incubator Foundation, which was appointed to this role by a government decision on July 16, 2020. This foundation will be responsible for the maintenance and upkeep of the project’s facilities based on a special contract.
