Photo by ARMINFO Information Agency
The project wasfunded by "HSBC Bank Armenia" CJSC (HSBC Armenia) and implemented by “Partnership and Teaching” non-governmental organization (P&T NGO). The total budget of the project constituted AMD 8,192,060, of which AMD 6,797,800 was donated by HSBC Armenia and the remaining amount by P&T NGO.
“Development Prospects” project has been aimed at promoting financial literacy and entrepreneurial skills among the young peoplein marzes of Armenia. The project targeted 48 beneficiaries aged 16 to 23 from Kotayk, Ararat and Aragatsotn marzes, who received the opportunity to participate in finance management, business planning and entrepreneurship skills development training courses.
On top of the financial assistance, HSBC Armenia employees voluntarily formed two groups of 10 people in each group and held meetings with the project beneficiaries on the topics of business idea generation and planning by providing the latter with necessary guidance and consultancy. As a result, the young people developed 11 start-up business projects, which they presented during the project closing event. The evaluation committee comprising of HSBC Armenia volunteers selected4 best start-up projects, which will receive appropriate funding and continuous consultation.
“HSBC realizes the significance of the financial literacy and entrepreneurial skills in the modern world and emphasizes young people, since it is them who will build our future. During the event, I was extremely pleased to see the business projects developed by the young participants, which included innovative ideas and approaches. It was encouraging to learn that most of the projects were aimed at community development in such areas as environmental protection, tourism, local manufacturing, cultural and social life”, said Irina Seylanyan, HSBC Armenia CEO.
Emphasizing the effectiveness of the partnership with HSBC Armenia,the executive director of P&T NGOArtashes Torozyan said, “This project presented a unique opportunity to the young people to raise their financial literacy and increase competitiveness in the job market. In addition to acquiring much-needed knowledge and skills, young people have also formed an internal network of cooperation which provides them with the necessary preconditionsto participate in other projects and discover new opportunities.”