Republican Party of Armenia

Chaired by Prime Minister Tigran Sargsyan, the board of trustees of the Fund for Rural Economic Development of Armenia (FREDA) met in the Office of Government.

The meeting agenda featured the Fund’s summary draft budget, the estimate of expenditures, the staff list and the annual action plan for 2013. After selecting an independent auditor for the Fund’s financial activities in 2012, the Board discussed auditor’s findings and final report for the year 2011.

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FREDA is the first investment fund, which invests in innovative financial instruments through small rural-oriented media. It also provides administrative support enabling SMEs to improve their competitive position and to promote the rapid development of rural areas.

Since 2009, the FREDA has financed 10 investment projects to a total cost of AMD1.650bn. Investment is carried out in the following 4 areas: wine-making, agriculture, fishery and milk processing.