Yerevan /Mediamax/. In 2008-2009, Armenian banks attracted financial resources at the sum of $140mln in addition to their own means for small and medium enterprise (SME) crediting.

Mediamax reports that the Head of Financial Intermediation Team of Financial Sector Development Program of U.S. Agency for International Development (FSDP USAID) Edgar Karapetyan said this today, speaking at “Current situation in SME funding, Armenia’s programs and opportunities” roundtable.

 

Edgar Karapetyan noted that small and medium enterprises play an important role in Armenian economy, assist its development and increase of employment level, as well as secure a significant part of proceeds to the state budget. According to him, in 2008, there were about 130 thousand small and medium enterprises functioning in Armenia, which secure 42% of GDP.

At that, according to Karapetyan, there are a number of problems along the path of availability of SME financing, where there is high level of risks of small and medium entrepreneurship activity.