YEREVAN, July 20. /ARKA/. The UK Government’s Good Governance Fund (GGF) will be supporting the operation of the EBRD backed Business Support Office (BSO) in Armenia. The GGF will also help the BSO to take forward a series of targeted activities to address the economic impact of Covid-19 on SMEs in Armenia.
“The BSO facilitates a platform for policy dialogue between the Government of Armenia and the private sector, as well as providing economic and legal expertise to encourage a more favourable investment climate in which the private sector can flourish,” the European Bank for Reconstruction and Development says in its release.
The EBRD says the BSO is playing a central role in supporting the Government of Armenia formulate business-supportive economic policy responses to the Covid-19 pandemic, in close coordination with business community representatives.
The BSO’s activities to help Armenia’s private sector deal with the financial and operational impacts of Covid-19 include: the piloting of a regional agricultural centre to strengthen linkages between producers and buyers; supporting SMEs in adapting their business models; and establishing a seed fund for Armenian start-ups in collaboration with the Investment Support Agency. To date, the BSO has been supported through the EBRD’s Shareholder Special Fund (SSF).
The BSO works in cooperation with the ministry of economy of Armenia and the Investment Support Centre to identify the key challenges businesses and investors face, while shaping the necessary reforms to address those challenges.
Dimitri Gvindadze, EBRD head of Armenia, expressed gratitude to the GGF and the British Embassy for supporting the initiative.
“We are grateful to our partner GGF and colleagues at the British Embassy in Armenia for supporting this important initiative. The EBRD is strongly committed to supporting Armenia’s reform agenda and to supporting an effective dialogue between the government and private sector. The real economy is the backbone of a well-functioning state and a good investment climate remains essential for the further development of the private sector and economic growth”, he said.
Ambassador David Moran, British Chargé d’Affaires to Armenia, for his part, said: ‘The UK is pleased to support the Business Support Office through our Good Governance Fund. It will help the Armenian Government in its work to enhance Armenia’s investment potential, strengthen investor confidence and support the country’s recovery from the economic impact of COVID-19.”
Deputy Minister of Economy Naira Margaryan, in her turn, said: “The Business Support Office is successfully implementing its role in structuring and implementing Public-Private Dialogue, providing support and expertise in developing reform projects for Armenian business community, and here the BSO is the Ministry’s main partner. We are having a fruitful cooperation and planning more projects in cooperation. We are excited to hear that the UK Government through its Good Governance Fund shall support the office by ensuring the continuity of funding and that will lead to new opportunities for us to cooperate and exercise more joint initiatives.”
The amount of assistance from the Good Governance Fund (GGF) to the Enterprise Support Office is not indicated.
The EBRD is Armenia’s leading institutional investor. To this day, the bank has invested AMD 1.5 billion in Armenia under 183 programs to promote the development of the private sector and the transition to a stable “green” economy. – 0–
