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Raising Development Impact through Evaluation

Armenia: Women’s Entrepreneurship Support Sector Development Program

Evaluation Document | 27 December 2019

The program aimed to increase the role of women entrepreneurs in economic development and address constraints they and micro, small, and medium-sized enterprises (MSMEs) faced. The program had two components—a policy-based loan (PBL) and a financial intermediation loan (FIL) — each at $20.0 million. The program was supported by a technical assistance (TA) capacity building component of $0.6 million.

The policy-based loan aimed to provide budgetary allocations to strengthen the business environment and the Small and Medium Entrepreneurship Development National Center.The financial intermediation loan aimed to enable participating financial institutions (PFIs) provide local currency loans to MSMEs, of which at least 50% were for women's enterprises.The capacity development TA aimed to (i) improve the entrepreneurial capacity of women, (ii) increase the capacity of the Center and the project management unit of the German–Armenian Fund and (iii) support PFIs to provide assistance for women's entrepreneurship.

This report validates the completion report's assessment of the program. IED overall assessment: Less than successful.