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The European Bank for Reconstruction and Development (EBRD) officially launched today the Women in Business Programme, which aims at supporting women-led small and medium-sized enterprises (SMEs) to help promote women’s participation in business. The programme activities ranges from accessing finance to business advice to women through training the skills, knowledge and resources for the implementation of their project activities.

Women in Business Programme has been established to strengthen the women’s role in economy and has been successfully implemented in 16 countries.

The initial EBRD investment for implementation of the program in the Eastern Neighborhood countries has comprised USD 55 billion, directed to local financial structures to finance the women-led businesses. The programme is financed by EBRD, the European Union, Sweden and the Early Transition Countries (ETC) Fund.

During the launch of the programme the Head of the EBRD Yerevan Resident Office Mark Davis noted that women in Armenia are more educated, yet are unable to capitalize on their education. Speaking of the financing women-led businesses by the financial institutions, Davis noted:” We share the risk that are communicated by our partners. Women-led businesses, however, are more reliable in terms of the risks to compare to men-led enterprises,” citing statistics showing in Armenia women insolvency amounts to 5,5 percent, while the number is 7,7 among men.

Deputy Minister of Armenia’s Ministry of Economic Development and Investments noted in his remarks that number of projects have been implemented in Armenia addressing the development of women entrepreneurship that recorded certain progress with much left to be done.

Charge d' affaires of the Embassy of Sweden Ms. Margareta Kristianson noted that Sweden had allocated 5.2 billion Euros for the implementation of the programme in the Eastern Neighborhood countries.

“The support within the Women in Business Programme is vital for driving economic growth in the region. Women entrepreneurship presents a viable investment in the national economy and women-led businesses are rapidly growing to compare with men-led enterprises,” Ms. Margareta Kristianson said.

The next 4,5 mln. were provided by Neighborhood Investment Facility (NIF) of the European Union. The means were directed to partner financial institutions to help them offer financial products that better meet the needs of women-led businesses, changing the way they work.

Head of the EU Delegation to Armenia, Ambassador Peter Switalski noted that Armenia has been one of the first states in the Neighborhood Policy countries, making use of the EBRD programme. “The EU believes that Armenia women along with the younger generation are obliged to fulfill their role as a driving force for Armenia’s economy, while the European Union will continue to make new investments in the sphere,” Peter Switalski said.

To remind, Ameriabank and AGBA Credit Agricole Bank joint the programme in late 2016, while Ararat Bank became a partner organization at today’s event.