FAR and HSBC Armenia Provided AMD 14.5 million to Promote Entrepreneurship in Tavush Region



The 4th of August marked the launch of “Boosting Responsible Financial Behaviour and Kick Start Business Activism Among Rural Population” project implemented by the Fund for Armenian Relief (FAR) and HSBC Bank Armenia CJSC (HSBC Armenia). The total budget of the project is AMD14.5 million.

The project aims at improving financial literacy among 140 farmers and young people of 4 rural communities in Tavush region. This will help them make well-informed and sustainable financial decisions and will contribute to promoting the entrepreneurial knowledge and skills among the project participants.

In addition, within the frames of the project, the participants will receive grants on competitive basis for top 20 business ideas to be brought to life in Tavush Region, also following the completion of the active phase of the project. The business projects will contribute to the long-term socio-economic development and prosperity of the beneficiary communities.

“Today, more than ever, financial literacy is important for making the right decisions. We are proud to be partnering with HSBC Armenia for the implementation of this important initiative in the rural communities of Tavush region,” said Erik Baghdasaryan, Economic Development Projects Manager of FAR. He also highlighted that the courses will be held online due to the pandemic.

“HSBC considers sustainable development of communities as a key to the economic growth of the country. Since the start of its operation in Armenia, HSBC Armenia has been implementing a number of community development projects within the frames of its strategy aimed at promoting financial literacy and entrepreneurial skills. The implementation of the business ideas, selected as a result of the project will contribute to the long-term sustainable development of the beneficiary communities through creation of jobs and promotion of local produce,” noted Nora Nazaryan, Community Investment Coordinator of HSBC Armenia.

Boosting Responsible Financial Behavior and Kick Start Business Activism Among Rural Population is a project under FAR's Breaking the Cycle of Poverty Program (BCPP).

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