YEREVAN (Golos Armenii)–Armenia’s Kanaz packaging plant has signed a joint agreement with the Czechoslovakian Kovuote company creating the Armenal joint venture packaging company. The new company will create at least 1,000 new jobs–with salaries ranging from $120-150 per month.
The Czechs will invest $12 million–of which $2 million will be invested immediately. The remaining $10 million will be loaned to the company by a Czech bank.
Approximately $600 thousand will be used to pay the debts of the Kanaz plant. Another $400 thousand will be used for preparing the plant for packaging and the remaining $1 million will be used for turnover in the initial period.