Tuesday, 20 December 2011
FREDA Sums Up 2011 Activities
Chaired by Prime Minister Tigran Sargsyan, FREDA Board of Trustees held a regular meeting at the Office of Government.
To begin with, Fund Director Tigran Khanikyan reported back 2011 FREDA activities, including the budget performance and annual program status of the Fund. He touched on those programs already completed and nearing completion, as well as on the ones scheduled for 2012.
Noting that the total investment portfolio of the Fund in 2011 amounted to 1.6 billion drams, Tigran Hanikyan presented details of those investment programs undertaken in the sphere of dairy industry, fruit and vegetable canning, wine-making, poultry, fish farming and processing. He advised that investment guidelines have been designed for agribusinesses and that the Fund is considering the prospects for financing new investment projects.
After exchanging views on the report, the council approved it. Prime Minister Tigran Sargsyan instructed the Director of the Fund to negotiate with potential investors in order to find additional financing sources and boost activities.
The council next discussed the finalized draft budget for 2012, the maintenance cost estimates, the staffing targets and the 2012 program of activities.
Down to another agenda item, the meeting discussed the candidature of audit entity to conduct an independent audit of the financial and economic activities of the Fund for Rural Economic Development of Armenia in 2011. It has been decided to confirm another one-year mandate for the members of the FREDA Investment Committee.
