European Union will deploy over EUR 30 million of EU funds over a 4-year period to stimulate private sector development in Armenia.

According to the press release of European Bank for Reconstruction and Development (EBRD) press service, the private sector of Armenia will get a chance to benefit from EU advice and funding through the Small and Medium-Sized Enterprise (SME) Finance and Advice Facility to be launched in the framework of the EU-funded “EU4Business” initiative.

The EBRD and other investors will also add additional funding to support the access of Armenian SMEs to financing.

“The support to Armenian firms will contribute to a number of positive outcomes such as increased employment, increased foreign and domestic investment, higher levels of transparency, capital market development and diversification of economic activity,” noted the press release.

In addition to access to finances, Armenian SMEs will also be able to use business advisory services on a cost-sharing basis through the EBRD’s Advice for Small Businesses (ASB) team, consisting of local consultants as well as international business and industry advisers.

“The EU is delighted by this opportunity to team up with the EBRD to create investment opportunities for Armenia,” said Hoa-Binh Adjemian, the Head of Cooperation at the EU Delegation in Armenia.