David and Vardan Amaryan establish Amaryan Charitable Foundation for education and humanitarian relief in Armenia

  • Main focus of new foundation will be education
  • Foundation will also help refugees from Artsakh conflict
  • Focus initially on Syunik province in Armenia

YEREVAN, Armenia, Nov. 30, 2023 (GLOBE NEWSWIRE) -- David Amaryan, founder of the Armenian investment fund Balchug Capital, and Vardan Amaryan, founder of the Armenian investment bank Apricot Capital, have announced the creation of the Amaryan Charitable Foundation, a new foundation dedicated to education and humanitarian relief in Armenia.

The move by the Amaryan brothers follows the humanitarian crisis of some 100,000 refugees departing the territory of Artsakh in the recent conflict and seeking refuge in Armenia. The number of displaced people arriving is equivalent to around 5% of Armenia’s population. Many of those arrived in the province of Syunik, which is where the Amaryan brothers are from.

David Amaryan, founder of Balchug Capital and co-founder of the Amaryan Charitable Foundation, said, “Education is critical to the future of my homeland and particularly so given the tragic recent events, which were a catastrophe for our country. Education was the path my brother and I were able to take which helped us to launch our careers in international investment. We want to use this new foundation to help increase educational opportunities and promote excellence in teaching in Armenia.

“Despite my career that initially took me to New York and later around the world, I have never forgotten my roots and my history. This is my land and my people, to whom I feel the deepest personal connection. My brother and I have always sought to help our country in times of need, and we will be doing so again. We hope that our experience in the financial world can be put to good use. Our initial focus will be both on education and also humanitarian relief for the refugees.”

Vardan Amaryan, founder of Apricot Capital and co-founder of the Amaryan Charitable Foundation, added, “What happened in Artsakh is a challenge for Armenia and for all Armenians. The commitment is clear: every Armenian should be afforded dignified resettlement and the opportunity to rebuild their lives in Armenia. Our foundation’s initiatives will seek to help to realize this opportunity, and will be implemented based on both the short-term and long-term needs of our beneficiaries.”

The Amaryan Charitable Foundation will coordinate its work with local and national government authorities in Armenia and with international organizations. The initial focus is on the province of Syunik, where the foundation has provided refugee families with essential support, offering warm clothing, shoes, and vital winter provisions. The brothers also provided the children of refugees with school materials and supported the top school in the region. The foundation intends to extend its work to other regions in Armenia impacted by the crisis.

Notes to editors:

About Balchug Capital:

Balchug Capital is an investment fund headquartered in Yerevan, Armenia. It was founded in 2010 by David Amaryan, who serves as CEO and oversees all investment activity.

Media contact:

For further information please contact:

Tatevik Simonyan, SPRING PR: tsimonyan@spring.am

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