Armenia: New EU-supported business incubator launched in Yerevan

Photo: European Union
Photo: European Union

On 6 November, a new business incubator (BI) opened in the Armenian capital Yerevan with EU support.

The BI was founded within the framework of the ‘Increased Resilience of Syrian Armenians and Host Population’ (IRIS) project and funded by the EU Regional Trust Fund in Response to the Syrian Crisis (MADAD Fund), the Austrian Development Cooperation and the Austrian Red Cross.

The mission of the IRIS BI is to enhance the economic integration of Syrian Armenians and the host population through raising the competitiveness of the local economy by stimulating innovation and entrepreneurial spirit in Armenia.

The BI provides a unique full cycle of business support services including training, coaching, mentoring and access to finance with grants and loans, as well as a co-working area located in central Yerevan.

With an overall budget for the EU IRIS programme of € 3.3 million (€3 million funded by the MADAD Fund), €1.9 million is allocated for the IRIS BI.

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Press release