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HSBC has pledged US$15 million of additional funding to Future First, the Group's flagship global education programme 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).
The press service of the Bank reports that out of US$15m additional funding, in 2012 US$155 thousand has been allocated to "Children of Armenia Fund" (hereafter COAF) to help 1200 disadvantaged young people in Armavir region 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 region (Qarakert, Lernagog).
In 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, said: "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 has been involved in community projects throughout its history. Helping young people reach their potential is the primary focus of the Group's community investment activities. Globally, HSBC invests US$50 million every year in education projects that help young people to gain access to education; develop life- skills and entrepreneurship, and develop international and cultural understanding. HSBC has donated over AMD143 million to 6 education charities since the launch of Future First in Armenia in 2007, having reached more than 3700 children.