YEREVAN, May 21 (Noyan Tapan). The agreement about the privatization of the "Orbita" Soviet-era military-industrial complex was signed between the RA government and the "International Business Center" (IBC) CJSC recently. Khachatur Zakarian, the Director General of the International Business Center, told NT's correspondent that the RA government made a decision about the alienation of the "Orbita" plant to the center still at the beginning of this year, but the signing of the deal was postponed because of disagreements connected with the payment on the due part of the company's debt to Armsavingsbank.
It should be mentioned that 100% of shares of the company were alienated to "International Business Center" at $200,000. The center pledged to repay "Orbita's" $500,000 debt to Armsavingsbank. According to the investment program submitted by the International Business Center to the RA government, during the first year of the plant's re-operation it is expected that the annual volume of production will reach $3 mln, providing 250 jobs with salaries of $100. And during the next two-three years it is expected that the volume of production will increase, annually turning out products of 10 mln dollars and providing 600 jobs. It should be mentioned that the "International Business Center" CJSC is the owner of Yerevan's "Almast" and "Arax" plants, Aparan's "Aragats" plant, Gyumri's "Karmshakmekena" plant, as well as the owner of "Ardshinvestbank".