YEREVAN, June 10. /ARKA On June 5, 2020, the official closing ceremony of the “Development Prospects” was held remotely, HSBC Bank Armenia said.
It said the project was funded by “HSBC Bank Armenia” CJSC (HSBC Armenia) and implemented by “Partnership and Teaching” non-governmental organization (P&T NGO). The total budget of the project constituted AMD 8,192,060, of which AMD 6,797,800 was donated by HSBC Armenia and the remaining amount by P&T NGO.
“Development Prospects” project has been aimed at promoting financial literacy and entrepreneurial skills among the young people in marzes of Armenia. The project targeted 48 beneficiaries aged 16 to 23 from Kotayk, Ararat and Aragatsotn marzes, who received the opportunity to participate in finance management, business planning and entrepreneurship skills development training courses.
On top of the financial assistance, HSBC Armenia employees voluntarily formed two groups of 10 people in each group and held meetings with the project beneficiaries on the topics of business idea generation and planning by providing the latter with necessary guidance and consultancy. As a result, the young people developed 11 start-up business projects, which they presented during the project closing event. The evaluation committee comprising of HSBC Armenia volunteers selected 4 best start-up projects, which will receive appropriate funding and continuous consultation.
“HSBC realizes the significance of the financial literacy and entrepreneurial skills in the modern world and emphasizes young people, since it is them who will build our future. During the event, I was extremely pleased to see the business projects developed by the young participants, which included innovative ideas and approaches. It was encouraging to learn that most of the projects were aimed at community development in such areas as environmental protection, tourism, local manufacturing, cultural and social life”, said Irina Seylanyan, HSBC Armenia CEO.
Emphasizing the effectiveness of the partnership with HSBC Armenia, the executive director of P&T NGO Artashes Torozyan said, “This project presented a unique opportunity to the young people to raise their financial literacy and increase competitiveness in the job market. In addition to acquiring much-needed knowledge and skills, young people have also formed an internal network of cooperation which provides them with the necessary preconditions to participate in other projects and discover new opportunities.”
HSBC Holdings plc, the parent company of the HSBC Group, is headquartered in London. HSBC serves customers worldwide from offices in 65 countries and territories in our geographical regions: Europe, Asia, North America, Latin America, and Middle East and North Africa. With assets of USD 2,918 billion as of 31 March 2020, HSBC is one of the world’s largest banking and financial services organisations.
HSBC Bank Armenia cjsc was established in 1996. The bank is a joint venture between the HSBC Group, which has 70 per cent ownership, and a member of overseas Armenian business with 30 per cent ownership. HSBC Armenia serves around 30 000 customers through eight offices located in Yerevan and around 362 employees. As of 31 March 2020, the Bank has assets of AMD298 billion including the ones, allocated with the mediation of the HSBC Holdings plc.
“Partnership and Teaching” (P&T) NGO which was founded in 2000 is a local non-governmental organization with the following mission: teaching and cooperation for the development of the civil society. P&T NGO supports the promotion of the civil society in Armenia contributing to the development of the institutional capabilities of civil society organizations, educational institutions and local government. -0-
