Wednesday, 20 March 2013

Supporting young entrepreneurs in Armenia

YEREVAN, 20 March 2013 – Helping young people in Armenia achieve their entrepreneurial aspirations is the aim of a project launched today by the United Nations Industrial Development Organization (UNIDO).

The project, “Productive work for youth in Armenia - supporting young entrepreneurs”, funded by the Government of Austria, will help young entrepreneurs to start and expand their enterprises.

Armenia’s Minister of Economy, Tigran Davtyan, welcomed UNIDO’s initiative and Austria’s support.

In close cooperation with the implementing partner, Small and Medium Enterprises - Development National Center (SME-DNC), UNIDO will provide financial and non-financial services such as entrepreneurship and technical training, development of financial literacy and business skills, counseling and technical assistance.

As part of the project, the Armenia Youth Entrepreneurship Fund will provide loans to help young entrepreneurs turn their ideas into profitable businesses. The fund will be established by SME-DNC, with initial contributions of EUR 200,000 each from UNIDO and SME-DNC.

“We expect that over 300 potential and existing young entrepreneurs, 50 per cent of them women, will receive tailored training. Furthermore, the Armenia Youth Entrepreneurship Fund will allow up to 80 youth-led businesses and start-ups to access loans, triggering the growth of  businesses which will continue to grow and create even more jobs for young people,” said Mohamed-Lamine Dhaoui, Director of UNIDO’s Business, Investment and Technology Services Branch.

“To ensure the sustainability of the businesses, further support will be provided to young entrepreneurs beyond the start-up phase through training, monitoring, coaching and other accompanying activities.”

For further information about the project, please contact