European Union and GIZ to launch joint program for SMEs in Armenia in 2017
21.11.2016,
11:58
The European Union, jointly with GIZ, Germany’s international cooperation agency, will embark on a grant program for small and mid-scale businesses in 2017, said Piotr Switalski, head of the EU Delegation to Armenia, said Friday at a conference dedicated to support for SMEs in Armenia by the European Investment Bank.
YEREVAN, November 21. /ARKA/. The European Union, jointly with GIZ, Germany’s international cooperation agency, will embark on a grant program for small and mid-scale businesses in 2017, said Piotr Switalski, head of the EU Delegation to Armenia, said Friday at a conference dedicated to support for SMEs in Armenia by the European Investment Bank.
He said the European Investment Bank, together with GIZ, will start providing grants to small and medium startups in Armenia.
In his words, direct assistance to SMEs will total about €30 million.
Switalski also said that the European Union is also planning to establish a private capital fund in cooperation with the European Bank for Reconstruction and Development, which will help SMEs in attracting financial resources.
Presenting the results of an appropriate study of the Organization for Economic Cooperation and Development, Switalski said that there is untapped potential in Armenia.
He said Armenia is behind European countries by SMEs’ share in GDP. The average indicator of jobs-GDP ratio is 70%. There are countries with a 90-percent ratio, while in Armenia it fluctuates around 30%.
It means Armenia has still plenty to do in this area, he said.
Switalski expressed satisfaction at the European Investment Bank’s efforts to make financial resources available to SMEs.
He said the active presence of the European Investment Bank in Armenia is a bridge that connects the country with the European Union. ---0---
He said the European Investment Bank, together with GIZ, will start providing grants to small and medium startups in Armenia.
In his words, direct assistance to SMEs will total about €30 million.
Switalski also said that the European Union is also planning to establish a private capital fund in cooperation with the European Bank for Reconstruction and Development, which will help SMEs in attracting financial resources.
Presenting the results of an appropriate study of the Organization for Economic Cooperation and Development, Switalski said that there is untapped potential in Armenia.
He said Armenia is behind European countries by SMEs’ share in GDP. The average indicator of jobs-GDP ratio is 70%. There are countries with a 90-percent ratio, while in Armenia it fluctuates around 30%.
It means Armenia has still plenty to do in this area, he said.
Switalski expressed satisfaction at the European Investment Bank’s efforts to make financial resources available to SMEs.
He said the active presence of the European Investment Bank in Armenia is a bridge that connects the country with the European Union. ---0---
