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“Entrepreneur + State Anti-Crisis Investments” investment fund approves another investment project

10/06/2021

We are glad to inform that the “Entrepreneur + State Anti-Crisis Investments” investment fund has approved an investment project. The fund will invest about AMD 315 mln in the “Clinic of Modern Surgery” (CMS) operating in Yerevan, for expansion purposes.

The “Clinic of Modern Surgery “, which has already been operating in Yerevan for about 15 years, has a unique market share. It has attracted highly professional medical staff with many years of experience and good reputation in the medical community.

The medical center has applied to the Fund with the vision of acquiring its own building and expanding the services offered, with the expectation of attracting appropriate funding. After a careful consideration the project has been approved, which means that a new, larger building will be built for the medical center. The number of beds will be increased, and the service menu will expand. CMS will also have a dental service, as well as its own diagnostic center. The investment program will also allow  the clinic to provide in-house medical service that were previously outsourced.

The total cost of the investment project is AMD 650 mln, where roughly 48% will belong to the Fund, and the 52% will be the private investor’s investment. The new medical clinic will start its operations in the second half of 2022.

“In this difficult and crucial period for our country, it is a great honor to undertake such an investment project, which is based on the collaboration of our medical center and the state. I hope that in a short period of time we will be able to have a new type of medical center equipped with modern equipment, a higher standards services”, said Armen Hakhverdyan, the founder and CEO of the CMS.

The CEO of the investment fund manager entity Bella Manoukian said: “We are pleased to invest in the “Clinic of Modern Surgery ” Medical Center, which has been operating successfully for many years, to support the company’s expansion plans, and contribute to the realization the company’s vision. It should be noted, that in 2019, about 35% of the patients at the medical center were from abroad. This is a great positive signal in terms of the potential for medical tourism, as well as in terms of emphasizing clinic’s comparative advantages in the field.

We hope to contribute to the development of the company with the investments to be made by the Fund, at the same time contributing to the development of medical tourism in the country.”

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