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-
