Center for Promotion of SME's Inaugerates New Central Office

[Chavushian]

Armenpress

CENTER FOR PROMOTION OF SMALL AND MEDIUM-SIZED
BUSINESSES INAUGURATES NEW CENTRAL OFFICE

YEREVAN, JUNE 2, ARMENPRESS: The Armenian Center
for Promotion of Small and Medium-Sized Businesses has
inaugurated today a newly constructed central office.
Trade and economic development minister Karen
Chshmaritian said the Center has branches in all
Armenian provinces, which had been opened before the
inauguration of the central office.
He said the Center received in 2003-2005 around 820
million in government subsidies which were used to
render assistance to around 12,000 beginners and
seasoned businessmen. The bulk of them was outside the
capital city Yerevan.
The center has also offered 280 million drams in
loan guarantees since 2005 creating about 550 million
drams worth credit package. This figure is expected to
rise to 850 million by the end of the year. Now the
share of small and medium-sized business in the
overall GDP constitutes 40 percent. Their share in
exports also rose from 14.3 percent in 2003 to 16.4
percent in 2005.
Small and Medium-Sized companies have created also
75,000 jobs. UNDP and the OSCE Armenian offices helped
to establish the Center.