USAID launches finance for economic development program in Armenia

PanARMENIAN.Net - USAID launched its new 4-year Finance for Economic Development (FED) Program, designed to expand and further develop financial intermediation in Armenia. USAID Mission Director Karen Hillard, senior officials of the Ministries of France, Economy and Labor and Social Affairs, the Central Bank of Armenia, as well as representatives of the Armenian financial sector and the international community attended the official launch event.

Over the coming years, the FED program will work to increase the availability of relevant affordable and effective financial services to micro, small, and medium-sized enterprises throughout Armenia including rural areas. Activities will also focus on improving the regulatory and institutional framework for a more effective and stable financial sector, and strengthening the financial sector foundations for Armenia’s ongoing pension reform.

The USAID FED Program will work closely with the Government of Armenia, particularly the Ministry of Finance, the Ministry of Economy, and the Central Bank of Armenia. The Program will also collaborate with key financial associations such as the Union of Banks of Armenia, the Union of Credit Organizations of the Republic of Armenia, the Association of Accountants and Auditors of Armenia, the Actuarial Society of Armenia, Association of Insurance of Armenia and others.