ANIF Anti-Crisis Fund invests in “Apaga Projects” CJSC

Armenian National interests Fund’s (ANIF) subsidiary “Entrepreneur + State Anti-Crisis Investments Fund” CJSC’s Anti-Crisis Fund will make an equity investment in “Apaga Projects CJSC.

“Apaga Projects” CJSC owns two projects in Yenokavan community of Tavush region: “Apaga Resort” hotel complex and “Yell Extreme Park” amusement park. The two programs of the company are a successful example of the development of tourism infrastructure and the creation of new economic opportunities in rural communities.

“Entrepreneur + State Anti-Crisis Investments Fund” CJSC’s Director Bella Manoukian commented on the program. “Investments in successful project with a potential for growth provide additional economic opportunities, creating new jobs and  prospects for development. The Fund maximally diversifies its portfolio programs, both in terms of sectors and geography. The joint project with “Apaga Projects” is especially important in terms of expanding a modern, viable, competitive program in the regions and creating new economic opportunities for the community.”

“This format of effective cooperation between the state and the private sector is not only important as a business investment. This cooperation is aimed at the development of a community of 200 families, the improvement of community life, including through the creation of jobs in our region. This aspiration was behind the initiative implemented by my family in Yenoqavan 15 years ago. To contribute to the development of the region through viable, developing business,” said Tigran Chibukhchyan, General Director of “Apaga Projects” CJSC.

The cooperation between “ANIF” and “Apaga Projects” CJSC will be aimed at the construction of a new 2.5 km long zip line of “Yell Extreme Park”, the introduction of a new sports entertainment platform, as well as the development of the infrastructure of “Apaga Resort” hotel complex and expansion of the capacity.

It is expected that as a result of the program, Yell will be able to triple its capacity, almost doubling the number of stable jobs provided.