YEREVAN (Noyan Tapan)–The goal of the "Yerevan" Fund set up in 1997 is to solve Yerevan’s social and economic problems. In an interview with Noyan Tapan–the Fund’s Executive Director Vahagn Mkrtchian said that the Fund’s means–which are mainly formed due to local and foreign investmen’s–are directed at solving the capital’s problems. According to Mkrtchian–in 1999 alone the Fund allocated $30,000 for the repairs and equipment of Yerevan schools–and about 202 million drams for the reconstruction of the Republican Stadium. The Fund also arranged a series of cultural events.
According to Mkrtchian–at present the Fund also assists foreign companies in opening their branches in Armenia. For example–a branch of one of the American diamond-processing companies will open soon through the efforts of the "Yerevan" Fund. The subsidiary plant will annually process and supply to the US up to a thousand carats of diamonds imported from India. The opening of a branch of an American jewelry company in Armenia is now being negotiated.