Monday, 3 March 2014
FREDA Foundation Holds Regular Meeting
Chaired by Prime Minister Tigran Sargsyan, the Rural Economic Development Foundation of Armenia (FREDA) Board of Trustees held a regular meeting in the Office of Government.
The meeting discussed and approved the Foundation’s 2014 draft budget, the estimate of maintenance costs, the payroll and the annual program of activities. It was noted that the 2014 draft budget had been developed, based on the balance of profits and expenditures, whereas the profits exceeded the maintenance costs by 200 million drams.
The Foundation has been financing 12 companies. Total investment is about AMD2.92bn. The meeting discussed the issue of inviting an independent auditor to look into FREDA 2013 activities. The Prime Minister instructed to invite bids for the auditor’s position and report back the tender’s results.
In conclusion, the Board of Trustees took note of the monitoring report submitted by the FREDA Investment Committee regarding the beneficiary companies’ financial status and corporate management systems.
