YEREVAN, July 8. /ARKA/. The Gyumri Technology Center hosted the Silicon Mountains 2024 Shirak forum, bringing together various companies, startups, and specialists interested in digital solutions to promote balanced technological development across Armenia.
During the forum, the CEO of ACBA Federation participated in the panel discussion “Startups in the Regions,” sharing the story of ACBA Bank and the Federation’s creation. Founded nearly 30 years ago with just eight employees, ACBA Bank initially provided small loans to rural farmers. Today, the bank operates in all provinces with 65 branches and over 1,700 employees.
Since its inception, ACBA Federation has collaborated with 53 startups, 47% of which have succeeded and continued their operations, compared to the global average success rate of 10%.
“The importance lies in creating conditions and opportunities for young people to stay in the provinces, develop their surroundings, and receive education there. Our main mission is to educate these young people, develop them, and lead them forward. Forty-seven percent of the startups we work with continue their activities and attract many new employees. This means they not only turn ideas into functioning businesses but also help create new jobs,” noted ACBA Federation CEO Arutyun Poghosyan.
ACBA Federation consistently works to make agriculture more appealing to the youth, addressing the high average age of farmers with fresh talent and new ideas.
As the significant shareholder of ACBA Bank, owning over 81% of its shares, ACBA Federation contributes to agricultural development nationwide, supports small and medium-sized businesses in rural areas, fosters community development, and enhances the business environment, thus improving the welfare of entrepreneurs in these sectors.
