"ENVIRONMENTAL PROTECTION AND DEVELOPMENT OF FEMALE ENTREPRENEURSHIP IN RURAL AREAS" PROGRAM LAUNCHED IN ARMENIA

ARKA
Dec 7, 2009

YEREVAN, December 7. /ARKA/. The Children of Armenia Fund and HSBC
Bank Armenia have embarked on joint program "Environmental protection
and development of female entrepreneurship in rural areas".

Karo Armen, chairman and founder of the fund, speaking Friday at
the ceremony of signing the cooperation agreement, said that this
program would set a good example of cooperation between benevolent
and financial organizations.

"We also finds it important that the first client of our joint program
is Star, network of supermarkets."

The key aim of the program is to protect our environment cluttered
up with plastic wastes from pollution and to promote female
entrepreneurship in rural areas.

The program has already launched in Armavir province.

Under this program, women here will produce ecologic bags for shopping.

Stressing the importance of environment protection for Armenia,
the head of the fund said enthusiastic women will be involved in
the process.

Besides, the program implies creation of new jobs.

"I hope our cooperation with HSBC Bank Armenia and Star supermarket
network will create favorable environment for further development of
the republic’s rural areas," Armen said.

This program also implies enhancement of public awareness, trainings
and promotion of small business in rural areas.

Tim Slater, general executive director of HSBC Bank, who spoke at
the signing ceremony as well, said that the bank’s mission is not
only to provide services to its clients, but also to create a stable
environment for development of sound communities.

The program costs $36,000, of which $25,000 will be invested by
HSBC Bank Armenia, and the remaining $11 donated by the Children of
Armenia Fund.

The program will last until June 2010.

Vahan Kerobyan, executive director of Star supermarket network, said
the network will purchase first 1000 ecologic bags and use them in
packing purchases instead of plastic packages.

The Star expects no extra profit from that.

The Children of Armenia Fund, a benevolent organization trying to
reduce poverty in Armenia by implementing recovery and development
programs in the country’s rural areas.

HSBC Bank Armenia CJSC, a subsidiary of HSBC Bank plc, was registered
on September 25, 1995.

HSBC Bank plc holds 70% of HSBC bank Armenia CJSC’s shares, and the
remaining 30% belong to Armenian investors overseas.