Premium Official News June 21, 2017 Wednesday UNIDO project in Armenia helps train hundreds of young entrepreneurs, create over 100 new jobs Vienna: United Nations Industrial Development Organization has issued the following news release: A total of 117 jobs have been created in Armenia and some 400 young entrepreneurs trained – of which nearly half were women – under a project implemented by the United Nations Industrial Development Organization (UNIDO) and funded by Austria. In addition, 85 loans were disbursed for a total of Euro 535,338, and guarantees issued for a total of Euro 560,500. These are just some of the results of the project, which was launched in 2013. Today it received a final review and was highly commended during the closing Project Steering Committee meeting in Yerevan. Present at the meeting, Tigran Khachatryan, Deputy Minister of Economic Development and Investment of the Republic of Armenia, stressed the importance of the project for promoting inclusive and sustainable industrial development. He pointed to the need to provide further technical assistance to businesses that were funded under the project to ensure their sustainability and expansion. Thanking the Government of Austria and UNIDO for initiating and successfully implementing the project, Khachatryan suggested that all parties involved discuss the possibility of having a continuation of the project. “Unemployment and lack of state support for young people in the implementation of new business ideas are the main problems that youth in general face today in Armenia,” said Karen Ghazaryan, an Armenian paper napkin producer. “That’s why the UNIDO Youth project has such importance, especially in the peripheral regions of Armenia.” “Young entrepreneurs often have smart business ideas but no access to funding.” said Monica Carco who managed the project on behalf of UNIDO. “This project gave tools to young entrepreneurs in Armenia so they can find a way forward and contribute to their country’s Armenia’s economic growth.” The beneficiaries of the project came from four provinces in Armenia, namely Gegharkunik, Lori, Shirak, and Tavush. They engaged in different spheres of industrial production, including furniture, shoes, pastry, women’s wear, and agro food, as well as in the production of souvenirs, tiles and construction blocks. Some of the entrepreneurs also worked in the field of dental services, fast food, coffee store businesses, beauty and wedding salons, or specialized in car maintenance or in the IT sphere. “UNIDO’s youth project was a huge support to us. The access to funding in combination with the constant assistance from the UNIDO team and the Small and Medium Entrepreneurship Development National Center of Armenia gave us the opportunity to fund our start-up,” said Luiza Nalbandyan, an Armenian peanut producer. “With the help of UNIDO we were able to build a recognizable brand which was very helpful in expanding sales. To boost exports and knowledge about our products, we regularly participate in the exhibitions and fairs where our product is presented to potential buyers.” The Armenian Youth Revolving Fund was established as part of the project to continue helping young entrepreneurs turn their ideas into profitable businesses by offering them affordable loans. The project also focused on the tourism and hospitality sector, including Bed and Breakfast businesses, which was of particular importance to the Government of Armenia, “Overall, the project has helped promote inclusive and sustainable industrial development in Armenia through funding, coaching and sharing of technical expertise in marketing and sales. We managed to teach young entrepreneurs to use the right combination of financial and non-financial services, and as a result build sustainable businesses and create jobs,” Carco added.