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.