Yerevan /Mediamax/. Russian “Sitronics” concern will set up a venture fund and a technopark in 2009 on the basis of## Yerevan “Mars” factory and will fund projects at the expense of private investors.

Mediamax reports that Vice-President on Corporate Communications of “Sitronics” Irina Lanina said this to RBC daily newspaper.

“Mars”, together with a number of other enterprises, was handed over to the property of the Russian Federation in 2003, within the framework of repaying Armenia’s state debt.

“The investments of the venture fund will allow reequipping the production and taking up implementation of potentially interesting high technology projects”, Irina Lanina stated.

According to the forecasts of “Sitronics”, the factory will start covering the expenditure in the first half of 2009. “Sitronics” will have a share from the net profit of “Mars” for managing the factory.