Armenian authorities will provide assistance to IT companies in the amount of about $16.3 mln.

YEREVAN, April 7. /ARKA/. The Armenian government approved on Thursday the release of additional financial support to IT companies in the amount of AMD 6.4 bln. The government said the volume of support for IT-industry exceeded its earlier forecasts.  

Thus, on December 1, 2022, the Cabinet decided to support the IT companies suffered from the dramatic rise in the exchange rate of Armenian dram, which, in principle, devalued the US dollar revenue of these companies. 

In 2023, it was to allocate 2 billion drams (about $5.1 million), but the amount was exhausted in the first quarter. Taking into account the dynamics revealed, the authorities decided to increase the program's budget to 6 billion 358 million drams (about $16.3 million).

Some 206 companies and private entrepreneurs have applied for support, the government said.-0-