Regional Post met with Zara Ohanyan, Principal Manager of the SME Finance and Development Group at the European Bank for Reconstruction and Development in Armenia, to learn about the organization’s efforts and initiatives on gender equality internationally and within Armenia.
Interview : Hena Aposhian
Photo : EBRD
Ms. Ohanyan, EBRD Women in Business programs are active in 24 countries worldwide. What is the fundamental idea behind it?
- The fundamental idea behind the program is to promote gender equality and empower women economically through various initiatives, such as providing women with access to finance, business advice, networks, and other resources necessary for growing any business. By supporting women entrepreneurs, we aim to address gender disparities through access to finance and opportunities for business development. This is done by targeted initiatives, such as mentoring, training, and networking events.
From your experience, what are the primary challenges women and women-led small and medium-sized enterprises (SMEs) encounter in accessing finance and business advice in Armenia?
- The challenges are more or less the same globally and in Armenia. It starts with access to finance where women often have more difficulty accessing capital to start or grow their businesses compared to men. Then there are gender biases and stereotypes, which limit their access to opportunities, networks, and resources in entrepreneurship, and the struggle to manage a work-life balance. Other challenges include the lack of networking and mentorship programs compared to men, limited access to markets, and the absence of proper training due to limited educational opportunities, inadequate cultural norms, and societal expectations. Addressing these challenges requires a multifaceted approach, including policy reforms, investment in women’s education and skills development, promotion of gender-sensitive business environments, and targeted support programs and resources for women entrepreneurs. We must also involve policymakers, financial institutions, civil society organizations, and other stakeholders to create an enabling environment for women-led SMEs.
How do you see the relationship between gender equality and sustainable economic development in Armenia?
- Investing in women’s empowerment can yield numerous long-term benefits for both individuals and society as a whole. Policies and initiatives that promote women’s economic empowerment can contribute to a more inclusive and prosperous society. By investing in women’s empowerment, Armenia can unlock the full potential of its human capital and build a more resilient and equitable economy for the future.
When women have access to economic opportunities and resources as men do, they can better provide for themselves and their families. This breaks the cycle of poverty. It can stimulate business growth and innovation, as women are the innovators in all sectors.
Hence, women-owned businesses can bring unique perspectives and solutions to market challenges, leading to a more diverse and resilient economy. I definitely see an improvement. Back in 2014, when we had just started the Women in Business Program, we would pitch it to the banks with its two components. Many of these banks did not take it seriously, as they didn’t see a reason they should separate women and men. Today, a decade later, these banks come back to us for various guidelines and support programs for women in business. This indicates that the banking industry also sees and employs the potential within its operations.
What are the main goals of the Women in Business program, particularly in Armenia? Please outline the key directions for its activities.
- Overall, the Women in Business program in Armenia aims to create an enabling environment for women entrepreneurs to thrive, contribute to economic growth, and achieve greater gender equality in the business sector. Its activities focus on addressing the barriers women face. It does so by providing the necessary support and resources and fostering an ecosystem that values and supports women’s entrepreneurship. I believe the key directions are increasing access to finance, capacity building, and skills development, promoting networking and peer support, and measuring impact and sustainability.
Looking ahead, what are some of the key priorities and strategies that EBRD intends to pursue further to promote women’s entrepreneurship and economic empowerment in Armenia?
- The program has proven successful across all countries where it operates, and Armenia is no exception. We have a track record and new donors willing to join the program that proves it. EBRD collaborates with various stakeholders, including government agencies, non-governmental organizations, business associations, and other development partners, to maximize its impact in promoting women’s entrepreneurship and economic empowerment in Armenia. This may involve co-financing arrangements, joint initiatives, and partnerships to leverage resources and expertise.
You’ve worked with many women-led successful businesses. What examples do such businesses set for aspiring women entrepreneurs?
- Even though I have worked with various businesses, I would like to shed light on those that are not considered typical female sectors. Of course, the female-dominated sectors are HoReCa and services, and the majority of our beneficiaries are from those sectors. Yet we are now witnessing a trend for women in product manufacturing, the tech industry, and even construction businesses such as glass manufacturing. These women serve as examples of innovation, leadership, and courage. Women entrepreneurs can learn from these examples by developing leadership skills, setting clear goals, and staying focused on their long-term vision despite challenges and setbacks. Successful businesses are often innovative and adaptable, constantly seeking new ways to meet customer needs and stay ahead of the competition.
Many women entrepreneurs navigate motherhood along with their careers. From your experience, how do you balance your time and energy between your role as a working mother and your professional commitments?
- First, we should remember that achieving work-life balance is a constant job that requires daily prioritization and time management skills. It’s also always a challenge for me, but it’s an ongoing process.
Make time for self-care activities to recharge and maintain your physical and mental well-being. Whether exercising, meditation, hobbies, or spending time with loved ones, prioritize activities that help you relax and rejuvenate. Also, establish clear boundaries between work and home life to avoid burnout and ensure you have time for professional and personal responsibilities. Armenian women tend to limit their boundaries and try to accommodate everyone, but we must realize that we need them.
Lastly, what advice would you give to young women who want to have it all?
- Whatever you are trying to achieve is doable and manageable. You need to believe in yourself. Don’t be afraid, be more confident, let go of societal beliefs, and take risks.
You don’t need to get married in your 20s; you only need to get married when you’re self-sustainable and financially independent. I even tell this to my 10-year-old daughter.
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