YEREVAN (Noyan Tapan)–The Izmirlian Foundation is negotiating with several large Western companies to attract foreign investmen’s to Armenia–said to Ara Hamazaspian a representative of the Foundation. According to Hamazaspian–the present goal of the Foundation at is to attract investmen’s to Armenia: "The Foundation is ready to allocate funds to encourage Western companies to invest in the Armenian economy together with them–thus reducing their risk".
He also pointed out the importance of the construction of the buildings of the Military Institute of the Ministry of Defense. Hamazaspian said that the construction of this building cost nearly $2.5 million. The cooperation between the Foundation and the Ministry of Defense in rendering assistance to the Military Institute is likely to continue.
The Ismirlian Foundation also finances programs on crediting small and medium enterprises implemented by the Eurasia Foundation. Under this particular program–enterprises receive three-year credits of $100,000. Another large program is assistance to the families of soldiers who dead in the Karabakh war–implemented through the agency of the "Hayastan" All-Armenian Fund. The program started last year and will last 13 years. The foundation also gives assistance to Armenia’s education system
The Izmirlian Foundation was founded in 1996 for the purpose of assisting the independent state of Armenia. The Foundation is headquartered in Geneva–Switzerland.