Masis Development Fund Established in Armenia


Gagik Adibekyan, a well-known in Armenia and Russia businessman and philanthropist, established Masis Development Fund with the main purpose to restore the town.

On November 23, Masis Development Fund officially started its operation in Armenia. The Fund was founded by Non-Profit Organization Adibekyan Family Foundation for Advancement (AFFA) from Luxembourg. AFFA’s Board of Directors is chaired by Gagik Adibekyan. The announcement on creation of the Fund was made on December 20 at the official inauguration of the town Christmas Fair organized by the residents of Masis with support of the charitable organization AFFA.

The Fund was established with the main purpose to restore and develop the town of Masis, to ensure its social, economic and cultural development. The creation of the Fund will enable full-scale realization of the town potential and will draw the attention of the town residents and community to solution of social and economic problems in Masis. All projects of the Fund will be implemented with support of the town administration, local organizations and active involvement of the residents.

Gagik Adibekyan, the founder of the charitable organization AFFA: “The future of Masis and Armenia depends on the caring attitude and contribution to the development of Armenia from each of us. I believe that Masis Development Fund will help to unite everyone who is eager to feel proud for his town, live and grow children in the improved and prosperous town of Masis.”

Stepan Ogannisyan, Executive Director for Masis Development Fund, noted that his native town had needed renewal for a long time which is to start from uniting all its residents in order to achieve the common goal for Masis – to become a modern and comfortable town with sustainable economy.

The first project to be implemented by Masis Development Fund will be creation of the “Alley in Memory of 100” which was announced in April 2015 at the event organized by AFFA in Masis to commemorate the 100th anniversary of the Armenian Genocide. St. Gevork Church in Masis will be surrounded by a newly-built park with the sites of the countries which officially acknowledged the fact of the genocide and an open sports ground. The project will be completed by the young talented architects and designers from the countries which showed solidarity to the people of Armenia.