Armenia will allocate 1.940 billion AMD (US$5M) to complete the construction of an “Engineering City” in Yerevan.

The “Engineering City” project operates as a public-private partnership between the government of Armenia and a consortium of private companies. With a budget of $21 million, half of which is financed through a World Bank loan, the project aims to foster innovation and drive economic growth in Armenia’s engineering sector.

Armenia plans to allocate an additional 1.1 billion AMD for the project in 2025.

The funds will be used for the construction and furnishing of the Engineering Business Accelerator building,

Photo: Armenian Minister of High-Tech Industry Mkhitar Hayrapetyan