YEREVAN, January 18. / ARKA /. HSBC has pledged US$15 million of additional funding to Future First, the Group’s flagship global education program that aims to tackle child poverty and youth unemployment through access to education.

The additional investment will support more than 50 projects in 26 countries – taking HSBC’s total commitment to US$40 million over ten years (2006-2016).

Out of US$15m additional funding, in 2012 US$155 thousand was allocated to “Children of Armenia Fund” (hereafter COAF) to help 1,200 disadvantaged young people in Armavir province and provide them with the skills they need to secure work and careers for fulfilling their future. COAF has been working in rural areas of Armenia to implement infrastructure and education projects with focus on schools since 2000.

In 2012, apart from the cash donations, HSBC Armenia participated in other infrastructure and education projects implemented by COAF in rural schools. The bank continuously donates PCs - for the Creativity Labs and classrooms of village schools renovated by COAF in Armavir province.
In the scope of “Future First” regular program another US$35 thousand was granted to Orran benevolent NGO to implement vocational and lifeskills trainings for 70 underprivileged children from Yerevan in 2013.

“I am happy and proud that due to HSBC’s presence in Armenia, every year, we are able to help more Armenian children. Our aim is to create better education opportunities for the children who lack them,” HSBC Bank Armenia Chief Executive Officer Thies Clemenz said.

Douglas Flint, HSBC Group Chairman, commented: “HSBC believes that education is one of the most powerful tools to reduce poverty and inequality. Because of the charities we partner with, Future First makes a real difference to young people’s hopes, dreams and ambitions.”

HSBC Bank Armenia  was established as a closed joint stock company under the name Midland Armenia Bank J.S.C. on 1996 and has been renamed into HSBC Bank Armenia cjsc on 1999. The bank is a joint venture between the HSBC Group, which has a 70% ownership, and members of overseas Armenian businesses with 30% ownership. It is one of the leading banks in the foreign exchange market. HSBC Bank Armenia cjsc offers a wide range of products and services to individual as well as corporate customers in Armenia and abroad. The bank is the member of SWIFT and Bankmail payment systems. In 2009 it joined NASDAQ OMX Armenia. -0-