EFSE success stories. Karen Grigoryan: we improve conditions for getting better cropsGrigoryan doesn’t have permanent employees but hires up to ten people when extra help is needed once or twice a month. Bardzrashen was named for its location: the village in the Ararat province of Armenia is situated high on a hill, with a long curving road leading to it. Like many other villagers, Karen Grigoryan is a farmer - he has greenhouses to grow vegetables and flowers. To improve the quality of the crop and reduce the weather risk, he recently built a new heating system in his glassed greenhouse where he usually grows pinks. June 16, 2014 PanARMENIAN.Net - The new iron pipes go through the whole territory, spreading the heat generated by the furnace located in the corner. “Before, we heated the territory with electric stoves, which didn't secure the flowers from cold weather and were extremely costly,” Grigoryan says. “The problem had to be solved.”
He estimates the construction of the new heating system at $14 000, of which $5 000 was provided ACBA-Credit Agricole Bank, a partner lending institution of the European Fund for Southeast Europe (EFSE). Grigoryan has been growing pinks for several years already. He usually sells them on the spot or sometimes at a special flower market in Yerevan. The clients usually buy 2000-3000 thousand pinks at once. “The business is going well and I am very pleased with the cooperation with ACBA, which is always ready to lend a helping hand. Weather is a major risk for us, but we can’t fight against the nature. So, we just improve the conditions for getting better crops,” Grigoryan says.
He doesn’t have permanent employees but hires up to ten people when extra help is needed once or twice a month. ACBA-Credit Agricole Bank is one of Armenia's major banks. As of first quarter of 2014, the bank held total assets of USD 640 million, capital of USD 128 million, and loan portfolio of USD 430 million. Initiated by KfW (The German Development Bank) with the support of various donors and international finance institutions, the European Fund for Southeast Europe (EFSE) is today one of the world’s largest development finance investment funds. EFSE's main investment activity is the refinancing of selected partner lending institutions in the target region of Southeast Europe and European Eastern Neighborhood Region. The EFSE aims to foster economic development and prosperity in the target region through the sustainable provision of additional development finance, notably to micro and small enterprises (MSEs) and to private households, via qualified financial institutions. The project is sponsored by the European Fund for Southeast Europe Lusine Mkrtumova / PanARMENIAN.Net Most popular in the section Armenia’s “useless” manpower Small and medium sized businesses weigh in on consequences of war Hybrid banknotes New markets opening for home-grown products More articles in this section 4 rules for business success An ultimate guide Reduction of personnel and tax collection growth State Revenue Committee changes its policy Countries and goods that boosted Armenian export in 2016 Record figures | Russia clarifying reports on Baku’s alleged arms supply to Ukraine Russia says is carefully working to verify reports about alleged arms supplies from Azerbaijan to Ukraine Russia warns Armenia against “falling into West’s trap” Zakharova maintained, however, that anything that will benefit the people of Armenia can only be welcomed. CSTO: Armenia has not participated in secretariat’s work recently Recently Armenia has not participated in the work of the secretariat of the CSTO, Imangali Tasmagambetov said. Meeting with U.S., EU not against third parties, says Armenia The meeting scheduled for April 5 is dedicated to strengthening of the Armenia-EU-US cooperation, Yerevan added. |