For Immediate Release
May 26, 2006

ALL-ARMENIAN FUND INTERNATIONAL AFFILIATES’ ANNUAL MEETING CONVENES

15^th meeting of the Board of Trustees assesses the progress of the organization and sets priorities for the future development of Armenia and Karabakh

NEW YORK, New York – Leadership from Armenia Fund USA traveled to Yerevan, Armenia for All-Armenian Fund International Affiliates’ annual meeting which convened on May 5, 2006. The conference brought together the leadership of all 19 affiliates from all over the world to review progress of the organization since the last annual meeting and set priorities for development. Chaired by the President of the Republic of Armenia His Excellency Robert Kocharian, the meeting took place at the Government Reception House in Yerevan creating a momentum for sharing a common mission among all affiliates – the task of ensuring the well-being of Armenia and Nagorno-Karabakh through large-scale infrastructure and socio-economic development and sustainability. Apart from assessing the benchmarks of success, the meeting also approved the 2005 report of the Executive Board, discussed agenda items important for ensuring the successful implementation and continuity of current projects, took decisions on the 2006 beneficiary program, as well as elected new members to the International Board of Trustees.

Before starting the session, led by the prayers of His Holiness Karekin II, Catholicos of All-Armenians, the Board Members and the leadership of the Fund paid tribute with a moment of silence to the victims of Armavia Flight 967 that just days earlier had claimed the lives of more than ten dozen people. The Republic had announced a two-day national mourning after the terrible catastrophe.

Moment of Silence to the victims of Armavia Flight 967 at the Affiliate’s Annual Meeting

The approval of the 2005 annual report of the Executive Board, prepared by an independent French-American accounting firm, addressed the financial standing of the organization, and presented the Fiscal Year 2005 financial audit of All-Armenian Fund on the one hand, and of the construction procedures of projects on the other. The report summarized funds received and expenses incurred for the fiscal year concluding that the financial standing of the organization “is clearly in accordance with International Financial Reporting Standards”, which, most significantly, gave account of the transparency and maintenance of internal procurement standards.

President Robert Kocharyan chairing Affiliates Annual Meeting in Yerevan

Hayastan All-Armenian Fund’s Annual Meeting of the Board of Trustees convenes at the Government Reception House in Yerevan

An important agenda item under discussion during the annual meeting was the “Rebirth of Artsakh” Regional Development Program for Nagorno-Karabakh –a three year, three region comprehensive development plan approved last year to provide socio-economic assistance to Nagorno-Karabakh. The participants confirmed the continuity of the program and provided information on preparatory works done to this date. The participants also took decisions on directing Telethon 2006 to the implementation of the “Rebirth of Artsakh” program. Funds raised through the fundraising telethon will be directed to the rehabilitation, reconstruction and development of the Hadrout and Mardakert regions in Nagorno-Karabakh.

The meeting also touched upon the rural poverty eradication program introduced during the meeting by Minister of Foreign Affairs of the Republic of Armenia Mr. Vartan Oskanian, a Trustee of the Fund. Hayastan All-Armenian Fund was tasked with the coordination of the Rural Development Scheme for 159 border villages in Armenia. The program is an integrated approach toward poverty reduction in the rural villages of Armenia, particularly those located close to the border. It is a broad effort to provide the necessary development support in the form of technical and infrastructure intervention to ensure the economic sustainability of rural communities. Apart from overall socio-economic development impact, the program is expected to leverage effects of rural poverty on migration, geopolitical security and regional stability. A commission was set up to study the program and the timing in detail, put forth suggestions on jointly implementation of the program with other projects of the Fund and integrate efforts toward regional development.

Chairman of Armenia Fund USA, New York Kevork Toroyan (center) and Executive Director Irina Lazarian (right) at the Affiliates Meeting

President Robert Kocharyan and Chairman of Armenia Fund USA Kevork Toroyan discussing the Fund’s Agricultural Initiative for Nagorno-Karabakh

A meeting of all affiliates of Hayastan Himnadram took place on May the 4th at the campus of the American University of Armenia to exchange views and discuss common operational challenges. During the meeting representatives from respective affiliates introduced progress reports and project coordination details. Armenia Fund USA, led by Chairman of the Board of Directors Mr. Kevork Toroyan and Executive Director Ms. Irina Lazarian, introduced details on the implementation of the Agricultural Initiative for Mardakert region of Nagorno-Karabakh and parameters of cooperation with local authorities to ensure maximum efficacy of the program. The Initiative is the economic underpinning of the “Rebirth of Artsakh” Regional Development Program launched by affiliates in spring of 2006, and is a strategic plan to increase rural household income by boosting region’s agricultural economy.

Affiliates’ meeting at American University of Armenia

Armenia Fund USA representatives concluded the trip with visits to project sites, as well as meetings with Karabakh farmers to listen to their concerns and input about the new program.

The annual meeting elected three new members to the International Board of Trustees, among them Mark Geragos, U.S. based attorney who has been very supportive of the Fund’s overall efforts in the United States, Hasmik Terterian of Armenian Relief Society and Mike Kharapian of Ramkavar Liberal-Democratic Party.

ABOUT ARMENIA FUND USA: ARMENIA FUND USA, founded in 1992, was the first of Hayastan All-Armenian Fund’s 19 international affiliates and serves constituents in all states east of the Mississippi. As a non-profit, non-governmental, nonsectarian organization, the Fund represents all Armenian constituents.

Armenia Fund USA is the largest contributor among the 19 international affiliates – supporting strategic infrastructure projects in Armenia and Karabakh, and having helped build 138 miles of roads, 100 miles of waterways, 36 schools, 3 electric transmission networks, 210 residential buildings and 15 healthcare institutions.

Armenia Fund USA’s Mission is the development of strategic socio-economic infrastructure in Armenia and Karabakh, focusing on major projects such as major highways, schools, drinking water to communities and humanitarian programs in education, training and medical facilities. The Fund has adopted a policy to go “Beyond Bricks and Mortar” to provide sustainability for projects it sponsors.

To learn more about Armenia Fund USA, please visit our website at
www.ArmeniaFundUSA.org or call us at 212-689-5307.

Armenia Fund USA
80 Maiden Lane, Suite 301
New York, NY 10038