Code of ethics

 The Code of Ethics aims to define how the employees of Microenterprise Development Fund (MDF) should behave dealing with wide range of ethical issues, as well as to maintain overall respect, appr 2011-05-27 nd to overcome conflicting situations easier.


All the employees have equal rights and opportunities, but they differ with the level of their responsibility.

Employees must act honestly and follow ethical rules during all the working processes and in respective positions. Employees have the responsibility to follow ethical rules of the organization and maintain the highest level of ethics.


Avoid harm to others

Be honest and trustworthy

Be fair, objective and not to discriminate

Honor property rights including copyrights and patent

Respect the uniqueness and privacy of others

Maintain confidentiality

Professional responsibilities are:

Strive to achieve the highest quality, effectiveness and dignity in professional work.

Acquire and maintain professional competence.

Know and respect existing laws and follow them during work

Follow mailing rules and maintain organization standards

Follow accepted ethical rules when answering phone calls

Create a Culture of Open and Honest Communication

Save organization's resources


"Kamurj" UCO LLC is reorganized into "Kamurj" UCO CJSC

"Kamurj" UCO has been reorganized into a closed joint-stock company in accordance with the MDF Board of Trustees’ decision taken on January 30, 2012.

Garage wine-making in Armenia

Wine-making has a long history in Armenia, and Microenterprise Development Fund has determined to support small enterprises working in this field.