Swiss-Armenian businessman, Franck Muller CEO Vartan Sirmakes offered to invest $10 million in Gyumri, Armenia, to create an organization financing all the small and medium businesses that entrepreneurs of Shirak province will introduce, Armenian Prime Minister Hovik Abrahamyan said.

“I am confident that this move will foster economic activity and job creation in the province of Shirak. I have also suggested that the government provided $2 million more, making the sum $12 million. And most importantly, the project will run with a 5% annual interest rate for a 7-year term,” the PM told reporters.

According to the government's 2013 program, Support for Small and Medium Enterprises, SME development is meant to ensure the sustainability of economic growth in Armenia, making the economy innovation-oriented and flexible.