Tuesday, March 7 2017 16:23
Alina Hovhannisyan

EBRD provided three Armenian banks with financing by 16 million EUR for development of women`s entrepreneurship

EBRD provided three Armenian banks with financing by 16 million EUR  for development of women`s entrepreneurship

ArmInfo. Promoting inclusion as  a core element of successful economies the EBRD is launching the  extension of its successful Women in Business programme in Armenia to  the local lenders Ameriabank and ACBA-Credit Agricole.

Both banks joined the programme at the end of last year and are now  ready to provide loans to women-led businesses in accordance with the  programmes guidelines and goals.  Araratbank will shortly join the  Programme as well. Ashot Osipyan, Chairman of the Executive Board of  Araratbank OJSC, said: "Different loan products are regularly  developed and offered to women at the most favourable terms by our  bank. This project will enable women to implement their projects and  ideas. It will also provide an opportunity to create new jobs through  supporting economic growth. Women have great business potential and  we will contribute towards delivering it with to this vital  programme."

Armenia was one of the first countries to start the Women in Business  programme in the countries of the Eastern Partnership Armenia,  Azerbaijan, Belarus, Georgia Moldova, and Ukraine. The programme  promotes women's entrepreneurship and supports small and medium-sized  enterprises (SMEs) led by women through access to finance and  advisory services. 

The Women in Business programme in the Eastern Partnership countries  is funded by the EBRD, the European Union, Sweden and the Early  Transition Countries Fund. The EBRD made an initial contribution of  US$ 55 million to create credit lines for on-lending to women-led  businesses via local financial institutions to the programme in the  Eastern Partnership countries alone.

The programme helps women-led SMEs to access the finance and advice  they need to grow, offering financing through local partner financial  institutions, technical assistance for participating financial  institutions and business advice for women entrepreneurs. The  programme also includes advisory services projects with mentoring and  longer-term coaching. 

Mark Davis, EBRD Head of the office in Yerevan, said: "We believe  that when market failures are addressed, obstacles removed and  women-led SMEs are given equal opportunities, they can deliver in  terms of economic performance and job creation." The Government of  Sweden has allocated SEK 47 million (approx. ?5.2 million) to the  implementation of the programme in the Eastern Partnership countries.  Margareta Kristianson, Chargee d'Affaires a.i. at Embassy of Sweden  in Armenia, said: "Supporting the development of women's  entrepreneurship has been identified as the key for economic growth  in the region. Women's entrepreneurship is an important contributor  to the national economy, and the number of companies run by women is  growing at a faster pace than those run by men." 

A further ?4.5 million has been made available from the European  Union Neighbourhood Investment Facility to finance the credit  enhancement and part of the capacity building programme for partner  financial institutions. ?0.9 million has also been provided by the  EBRD's Early Transition Countries Fund. 

Piotr Switalski, EU Ambassador to Armenia, added: "The EU is working  all over Armenia to promote equal rights for all in any sector of  activity. The EU considers that Armenian women along with young  generation should play fully their role as a driving force of the  Armenian economy and the EU will invest more and more in those.   Armenian women-led SMEs represent a major opportunity in terms of  economic growth and the EU hopes that Armenian authorities will  consider this as well and make their business life easier."

In its new transition concept, launched at the beginning of the year,  the EBRD identifies six transition qualities: the Bank believes that  a well-functioning market economy should be competitive,  well-governed, green, inclusive, resilient and integrated.  The EBRD  is currently implementing the Women in Business programme in 16  countries.


News
Proceeds of Armenia`s trade sector $5.2bln in Jan-Oct 2021Proceeds of Armenia`s trade sector $5.2bln in Jan-Oct 2021
4.1% increase in proceeds of Armenia`s communication sector in  Jan-Oct 2021 4.1% increase in proceeds of Armenia`s communication sector in  Jan-Oct 2021 
Double-digit growth in alcoholic beverages output in ArmeniaDouble-digit growth in alcoholic beverages output in Armenia
Revenues of Armenia`s textile industry more than doubled in 10 monthsRevenues of Armenia`s textile industry more than doubled in 10 months
Electricity generation in Armenia decreased by 3.1% in 10 monthsElectricity generation in Armenia decreased by 3.1% in 10 months
Armenia`s metallurgy industry accelerates growthArmenia`s metallurgy industry accelerates growth
HSBC Armenia Named Best Cash Management Bank by 2021 Euromoney Cash Management SurveyHSBC Armenia Named Best Cash Management Bank by 2021 Euromoney Cash Management Survey
Production volumes of aluminum foil in Armenia decreased by 5% per  annum in 10 monthsProduction volumes of aluminum foil in Armenia decreased by 5% per  annum in 10 months
Informed means protected: IDBankInformed means protected: IDBank
Industrial production growth accelerated due to revitalization of  manufacturing industryIndustrial production growth accelerated due to revitalization of  manufacturing industry
Armenia is negotiating for export of Armenia is negotiating for export of "Sputnik Light" vaccine to  countries of Middle East and Africa
Russia and China are Armenia`s leading trade partners in both export  and importRussia and China are Armenia`s leading trade partners in both export  and import
Growth of Armenia`s foreign trade turnover significantly exceeds  pre-COVID ratesGrowth of Armenia`s foreign trade turnover significantly exceeds  pre-COVID rates
Regular container trains start to run from China to GeorgiaRegular container trains start to run from China to Georgia
MP: Armenian authorities directed expensive borrowed funds to curb  devaluation of dram MP: Armenian authorities directed expensive borrowed funds to curb  devaluation of dram 
Opposition MP: The optimism underlying the draft state budget of  Armenia for 2022 is a purely political trickOpposition MP: The optimism underlying the draft state budget of  Armenia for 2022 is a purely political trick
Armenia`s economic activity recovers very slowlyArmenia`s economic activity recovers very slowly
Artur Khachatryan: Armenia faces an infrastructure trapArtur Khachatryan: Armenia faces an infrastructure trap
9.6% annual inflation in Armenia in Nov. 20219.6% annual inflation in Armenia in Nov. 2021
Belarus is interested in strengthening cooperation with Armenia in  field of high technologiesBelarus is interested in strengthening cooperation with Armenia in  field of high technologies
GITC, IBM to implement artificial intelligence education programme GITC, IBM to implement artificial intelligence education programme 
Japanese government to provide grants for implementation of 2  programs in Armavir and Lori regions  Japanese government to provide grants for implementation of 2  programs in Armavir and Lori regions  
Armenia`s developers to submit documents online soonArmenia`s developers to submit documents online soon
Armenia`s vice-premier calls for larger share of national currencies  in EAEU tradeArmenia`s vice-premier calls for larger share of national currencies  in EAEU trade
EDB to intensify work in ArmeniaEDB to intensify work in Armenia
Ardshinbank named the Best Bank of the Year by The Banker international magazineArdshinbank named the Best Bank of the Year by The Banker international magazine
EDB analysts have no assessment of economic benefits that Armenia  will receive from unblocking of regional transport corridorsEDB analysts have no assessment of economic benefits that Armenia  will receive from unblocking of regional transport corridors
Greenhouse for growing roses to be built in Aragatsotn region of  ArmeniaGreenhouse for growing roses to be built in Aragatsotn region of  Armenia
Gnel Sanosyan: Unfortunately, there have been cases of revealing  design and construction flaws during implementation of subvention  programsGnel Sanosyan: Unfortunately, there have been cases of revealing  design and construction flaws during implementation of subvention  programs
Armenian entrepreneurs appealed to PM to extend embargo on import of  Turkish goods Armenian entrepreneurs appealed to PM to extend embargo on import of  Turkish goods 
EDB Analyst: Armenia`s public debt level will remain above  pre-pandemic level until 2026EDB Analyst: Armenia`s public debt level will remain above  pre-pandemic level until 2026
EDB ready to provide loan for construction of Meridian highway of  Europe-Western China transport corridorEDB ready to provide loan for construction of Meridian highway of  Europe-Western China transport corridor
IFC ready to participate in reforms in Armenia IFC ready to participate in reforms in Armenia 
42% year-on-year growth in net private money transfers to Armenia in  Jan-Oct 202142% year-on-year growth in net private money transfers to Armenia in  Jan-Oct 2021
Armenia Securities Exchange  introduced corporate bond exchange  indices for the first time in regionArmenia Securities Exchange  introduced corporate bond exchange  indices for the first time in region
6.3% rise in real estate prices in Armenia`s capital this Oct6.3% rise in real estate prices in Armenia`s capital this Oct
Central Bank of Armenia joins Sustainable Banking and Financial  NetworkCentral Bank of Armenia joins Sustainable Banking and Financial  Network
EDB formulates idea of  Eurasian transport frameworkEDB formulates idea of  Eurasian transport framework
Tigran Balayan presented Armenia`s investment opportunities to  representatives of Dutch business sectorTigran Balayan presented Armenia`s investment opportunities to  representatives of Dutch business sector
Global businesses set to battle for talent as hiring plans fuel growth ambitionsGlobal businesses set to battle for talent as hiring plans fuel growth ambitions
Armenia`s gross international reserves increased by 38.2% per annum  by November 2021Armenia`s gross international reserves increased by 38.2% per annum  by November 2021
Vahan Kerobyan will take part in Second Eurasian Congress in MoscowVahan Kerobyan will take part in Second Eurasian Congress in Moscow
Statistics: Armenia`s GDP increased by 11.1% per annum in 9 months of  2021Statistics: Armenia`s GDP increased by 11.1% per annum in 9 months of  2021
New power plant of 254 MWe launched in YerevanNew power plant of 254 MWe launched in Yerevan
As of November 20, 2021, tax collection in Armenia exceeded  pre-crisis index of 2019 by 4.5%As of November 20, 2021, tax collection in Armenia exceeded  pre-crisis index of 2019 by 4.5%
Association of Restaurateurs reacted negatively to new decision of RA  Health Ministry Association of Restaurateurs reacted negatively to new decision of RA  Health Ministry 
ANIF, Masdar company discuss Ayg-1 project ANIF, Masdar company discuss Ayg-1 project 
Unpredictable pandemic situation, steadily high inflation remain major risks to scenario of Armenia`s  economic development - EDBUnpredictable pandemic situation, steadily high inflation remain major risks to scenario of Armenia`s  economic development - EDB
US$30m OPEC Fund loan to Ameriabank to promote sustainable energy and support small businesses in ArmeniaUS$30m OPEC Fund loan to Ameriabank to promote sustainable energy and support small businesses in Armenia
One Success Story: Trimming the SpiritsOne Success Story: Trimming the Spirits
EDB projects 2.9% growth in aggregate GDP of Bank`s member states in  2022EDB projects 2.9% growth in aggregate GDP of Bank`s member states in  2022
Representatives of Trade Mission of RF and EFSD discuss financing of  investment projects in Armenia and support for Russian exportersRepresentatives of Trade Mission of RF and EFSD discuss financing of  investment projects in Armenia and support for Russian exporters
4.3% year-on-year increase in economic activity in Armenia in  Jan-Oct, 20214.3% year-on-year increase in economic activity in Armenia in  Jan-Oct, 2021
New operator of Meghri FEZ plans to build a food packaging plantNew operator of Meghri FEZ plans to build a food packaging plant
Government subsidies to Syunik region reached 1.1 billion drams Government subsidies to Syunik region reached 1.1 billion drams 
Armenian authorities consider building three more bypass roads in  Syunik regionArmenian authorities consider building three more bypass roads in  Syunik region
Armenian government approves signing of Agreement on navigation seals  in EAEUArmenian government approves signing of Agreement on navigation seals  in EAEU
Contract for Kaps reservoir construction put out to tenderContract for Kaps reservoir construction put out to tender
VPOS number steadily increasing in Armenia  VPOS number steadily increasing in Armenia  
Non-cash plastic transactions continue to gain momentum; 30%  threshold in total volume has already been passedNon-cash plastic transactions continue to gain momentum; 30%  threshold in total volume has already been passed
Read more


Exchange rates
07.12.2021
RUB6.62-0.04
USD492.411.38
EUR555.140.37
GBP652.791.73
CAD387.574.04
JPY43.32-0.05
CNY77.260.18
CHF533.200.80