USAID Launches Economic Foundations for a Resilient Armenia Activity
YEREVAN, Armenia –The United States Agency for International Development (USAID) has officially launched the Economic Foundations for a Resilient Armenia Activity with a $24.5 million budget.
The primary objective of this activity is to strengthen Armenia’s economic resilience, and promote competitiveness and economic governance through close cooperation with both the government and the private sector. This five-year activity aims to facilitate the mobilization of $60 million through the Investment Mobilization Platform and lead to increased sales for 750 firms. Additionally, the activity will contribute to the enhancement of the business and investment climate by assisting in the drafting of key legal documents.
“The U.S. Government, through USAID, is committed to aiding Armenia’s economic growth. This involves partnering with the private sector to bring in investments, technology, and knowledge; improving the business environment, providing investment incentives, and creating economic development policies. The Economic Foundations activity is not starting from scratch. USAID is building on past and current support in key sectors like economic governance, tourism, agriculture and high-tech industries to bolster our efforts for a more resilient Armenia,” said John G. Allelo, USAID/Armenia Mission director, in his opening remarks.
Through targeted initiatives, the activity will focus on delivering technical assistance to the government, working with the private sector and associations in key areas of agriculture, tourism and high-tech industries.
“We are hopeful that the activity will address the underlying root causes of some of the major challenges faced by the Armenian economy, which will have a significant long-term effect in building the economic security of Armenia,”” said Vahan Kerobyan, the Minister of Economy of the Republic of Armenia.
The activity seeks to achieve four complementary objectives: targeting key government partners to increase institutional and human capacity; building export competitiveness of the targeted sectors; supporting catalytic investments; and assisting Armenia to address economic shocks and opportunities.
“We expect that Economic Foundations will introduce innovative, scalable and sustainable solutions and advance inter-industry collaboration resulting in increased effectiveness of the economic policy of Armenia, strengthen export competitiveness, and improve productive use of financial capital,” said Gevorg Mantashyan, First Deputy Minister of High-Tech Industry of the Republic of Armenia, in his opening remarks.
As a result, through its multiple initiatives, the activity will assist the Government of Armenia to deliver effective economic stewardship, advance the capabilities of small and medium enterprises, increase access to global markets and diversify exports.
The U.S. Agency for International Development administers the U.S. foreign assistance program providing economic and humanitarian assistance in more than 80 countries worldwide.
About CNFA: Cultivating New Frontiers in Agriculture is an international agricultural development organization that specializes in the design and implementation of sustainable, enterprise-based agricultural initiatives. We work with businesses, foundations, governments, and communities to build customized local and global partnerships that meet the world’s growing demand for food. Since our inception in 1985, we have designed and implemented enterprise-based, agricultural development initiatives to facilitate market access, enhance agribusiness competitiveness, increase productivity, and improve access to inputs and financing in 49 countries around the world.