Sat, 26 July
28.1 C
Yerevan
USD: 383.94 RUB: 4.85 EUR: 450.25 GEL: 141.78 GBP: 516.63

World bank provided $50 million to Armenia’s SMEs

YEREVAN, October 24. / ARKA /. The World Bank has provided Armenia with $50 million for the development of small and medium enterprises (SMEs) , deputy governor of the Central Bank of Armenia Nerses Yeritsyan said at a discussion on “New opportunities for financing small business,” held within the frameworks of USAID-sponsored Enterprise Development and Market Competitiveness five-year program.

According to the National Center for Small and Medium Enterprises, small and medium enterprises account for more than 40% of Armenia’s overall GDP. Its share increases annually by at least 1%.

According to Yeritsyan, although SMEs is growing year after year, the growth rate is still insufficient for opening “the full potential of small and medium businesses.”

He said this sector should be supported by expansion of financial technology, as well as by an increase in lending.

The acting head of USAID Armenia Mission, Conan Peisen said the Agency will continue to promote the development of small and medium enterprises in Armenia in 2013. During the event 60 loan officers who had a training course were awarded certificates.

Enterprise Development and Market Competitiveness (EDMC) project is designed to raise incomes and employment in Armenia by promoting growth in selected value chains with export potential, with the overall goal of assisting Armenia to develop a more competitive and diversified private sector. -0-

spot_img

POPULAR

A scheme for stealing funds through fake investment platforms  exposed in Yerevan

A criminal group operating in one of the capital's business centers and stealing citizens' money through Internet calls has been exposed in Armenia, the Investigative Committee of Armenia reports.

Fitch forecasts Armenia to tighten fiscal policy after 2027

Fitch Ratings analysts forecast a tightening of fiscal policy by the republic's authorities in a new report on Armenia.

Fitch expects inflation in Armenia to remain within the target level until 2027

International rating agency Fitch expects inflation in Armenia to remain within the target level until 2027, although soft fiscal policy and the projected moderate weakening of the dram create certain risks.

Ranking of most profitable banks in Armenia based on results of first quarter of 2025

ARKA news agency publishes the ranking of the most profitable commercial banks in Armenia based on the results of the first quarter of 2025.

Armenia’s economy to stabilize on 5.5% growth trajectory in 2025 – EDB forecast

According to EDB forecasts, Armenia's economy will stabilize on a 5.5% growth trajectory with domestic demand remaining the main driver of development.

LATEST NEWS

spot_imgspot_imgspot_img