Fighting Poverty in Armenia
FINCA helps Armenians living in poverty access financial services to improve the quality of life for themselves and their families.
LIVE BELOW THE NATIONAL POVERTY LINE
*from 2024
WORK IN AGRICULTURE
*from 2025
OF THE POPULATION LIVES ON LESS THAN $3.00 PER DAY
*from 2024
Women are the key to success in the fight against poverty.
Facts about Armenia
After the breakup of the Soviet Union in 1991, masses of unemployed Armenians found themselves with no income. Though Armenians eventually found better economic times, the country’s economic growth slowed significantly after the global financial crisis of 2008 and the percentage of Armenians living in poverty increased by 30 percent.
Today, over a-third of Armenians live below the national poverty line and more than half the population remain jobless for over a year. A significant segment of the male population leave the country to find work elsewhere, leaving women to shoulder the burden of caring for the household, often dependent on remittances for income.
When poor people have access to financial services and life-enhancing products, they can earn more, build their assets, create jobs and cushion themselves against external shocks. Since 1999, FINCA has been helping thousands of Armenians improve their lives. FINCA offers financial services, such as loans and microinsurance throughout the country.
Featured stories from Armenia
Preserving the Family Business
Thanks to her family’s hard work, her sound business skills, and FINCA loans, Goharik’s traditional Armenian ceramics business has continued growing. The family’s living standards have improved along with the profits from the business.
Armen and the Chocolate Factory
Since his early childhood, Armen dreamed of producing his own chocolates. His dream later became a reality. Today, Armen together with his dedicated team of about 10 people never ceases in continuously surprising his clients with his chocolate confectionery masterpieces.
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