In 2019 the shareholders of Armenian Gas and Power Enterprises agreed to create “The AGAPE Foundation”.
The AGAPE Foundation is to be an independently governed foundation whose mission is to “support and promote environmental, cultural, and social causes in the Republic of Armenia for the exclusive benefit of the Armenian people, the flourishing of their cultural heritage, and the purity of the natural environment of Armenia.”
The AGAPE Foundation will annually receive 5% of the net after-tax profits of AGAPE, after AGAPE has contributed more than 50% of gross revenues to the Republic of Armenia and paid its 20% tax on any profits generated from the remainder.
Beyond the investments made in local communities by Armenian Gas and Power Enterprises Inc., and beyond the expected significant tax payments to the Republic of Armenia by AGAPE, the AGAPE Foundation will independently focus on supporting social, cultural and environmental initiatives across the Republic Armenia. In particular, the shareholders and employees of AGAPE are greatly concerned to see support given to areas of their heart-felt vision including:
Social Causes,
such as the establishment and world-class administration of programs devoted to the care of the precious children of Armenia, and in particular to those with special needs;
Cultural Causes,
such as the commission and construction of world-class facilities that can protect and highlight for all the world to see the significant cultural contributions of the Armenian nation to world culture; and
Environmental Causes,
such as the establishment and funding of a large pool of labourers, to be assisted by dozens of engineers, who could scour the Armenian countryside to find and remove old Soviet and other decaying industrial and environmentally-offensive buildings, rubbish and other scars on the Armenian environment, while ensuring that this detritus is properly removed and recycled or destroyed according to best practice, and with the long-term objective of restoring to a pristine natural state these areas of the new Eden that we all seek to build in this remaining territory of the Armenian nation.
