The joint project of the Fund for Armenian Relief (FAR) and HSBC Bank Armenia CJSC (HSBC Armenia) called "Boosting Responsible Financial Behaviour and Kick Start Business Activism among Rural Population" presented its results on 1 October.

The concluding event took place in the Tavush regional administration. Representatives of the project and 4 beneficiary rural communities of the Tavush region participated in the project.

More than AMD 15 million has been allocated to the project which was launched in 2020, aiming to improve financial literacy of 140 farmers and young people. The project helped them make informed and sustainable financial decisions, as well as developed their entrepreneurial knowledge and skills.

The project provided grants for the implementation of 30 business ideas aimed at starting an entrepreneurial activity in the Tavush region. 11 representatives from the Verin Tsaghkavan community of the Tavush region also pitched their business ideas. As a result, 6 of the business ideas got a chance to come to life.

"We are confident that with the provided modest grants, we are not only providing entrepreneurial support to the selected families but we are also contributing to the sustainable development of these villages," said Erik Baghdasaryan, FAR Economic Development Programs Manager as he was presenting the project results and highlighting the importance of such projects in border communities for long-term social and economic development and prosperity.

Nora Nazaryan, Community Investment Coordinator of HSBC Armenia noted: "Since the beginning of its activity in Armenia, HSBC Armenia has been implementing different community development projects within the framework of the bank's strategy to promote financial literacy and entrepreneurial skills. Despite the fact that some stages of the preparation and implementation of this project were hindered by the COVID-19 pandemic and geopolitical tensions we made every effort to implement the project in accordance with its goals and improve the quality of life of the community, by providing new opportunities and giving hope to the vulnerable groups of the population. Therefore I am very proud of the work that has been done."