1. Samvel A. Mkhitaryan, PhD.
Apt. 24, Totovents Str. 13, Yerevan 0096, Armenia
Tel.: (+37410) 625 375 (h); (+37491) 206 843.
E-mail: sammkhitar@yahoo.com
CURRICULUM VITAE
Summary of Key Qualifications
 High qualification and extensive professional experience in:
 Strategic, general, financial, organizational and project consulting and management;
 Business and project initiation, planning, budgeting, implementation, management, administration, supervision, quality assurance,
monitoring, performance assessment, evaluation, communication and reporting;
 Management and implementation of international and local development programs, projects and components in civil society, R&D,
financial markets, higher education, professional development, MSME, etc.;
 Business/MSME, infrastructure, sectorial/field and community development gap analyses, policy formation, planning, consulting,
assistance, management and development;
 Innovations, R&D, business modeling and planning, startups, technology transfer, production;
 Business and investment environment, CG and business ethics;
 Financial markets (banking/lending, capital/securities markets, stock exchange activities, etc.), its institutions, infrastructure,
instruments and services, including lending, equity investments and other financial services, access to finance, fundraising, etc.;
 Higher education and professional development management, quality assurance, accreditation and reforms;
 Development and implementation of ECTS based credit rating educational systems/procedures and competency and learning
outcomes’ based academic and extension professional educational and training programs, including the development, review and
evaluation of learning objectives, outcomes, outlines, curricula, educational programs, processes and their results;
 Development, implementation and conduction of various academic, lifelong learning, capacity building and professional
development programs.
 With a special experience in various leading financial and real sector consulting, educational, professional development, R&D and
production organizations, governmental institutions, NGOs and international development programs in MSME and community
development, innovations, R&D, manufacturing, CG, FM, professional and higher education.
 As a CEO, executive director, research director, ACOP, DCOP, project manager, chief engineer, team leader, leading specialist, expert,
designer, consultant, trainer/lecturer.
Summary of Other Qualifications and Accomplishments
a. Summary of Forums, Publications, Inventions, Exhibitions, Expeditions, Awards, etc.
 Forums, etc.: Organized, conducted and moderated various international and local forums, conferences and seminars on finance, SM,
Corporate Governance, Investment, Banking, Loan, SME and community development, scientific equipment, electronics, seismology,
information analytic systems, higher education, Bologna process, QA, ECTS educational system, etc.
 Publications and Inventions: Authored and co-authord about 60 articles, copyrights on inventions, papers and so on published in
international, SU, RF and RA scientific magazines on finance, investment, SM, taxes, SME, community development, scientific
equipment, electronics, seismology, information analytic systems, higher education, Bologna process, QA, ECTS educational system, etc.
 Presentations: Conducted presentations in different international and republican forums and conferences on SM, financial management,
SME, higher education, electronics, seismology, information systems and technologies, etc. in Washington DC, Warsaw, Moscow,
Vilnius, Leningrad, Yerevan, Tbilisi, Krynica, Gyumri, Kutaisi, etc.
 R&D Exhibitions and Expeditions: Presented various authored and co-authored, designed and produced scientific devices in different
international and local exhibitions, including the SU and Armenian EANEs and international scientific exhibitions in Moscow, Warsaw
and Yerevan, participated in the 6-month 49th international scientific expedition in the Atlantic Ocean by the scientific liner Academic
Kurchatov for testing of designed and produced by the SEDTI scientific IT digital analytical, measuring and recording systems, etc.
 Awards: Different medals, diplomas, certificates and orders of excellence of the SU and Armenian EANEs, President of the ASA,
Scientific Technical Societies (STS) of the SU and Armenia, Organizational Committees of international conferences and exhibitions.
b. Professional Certifications
 Certificate of director for FCI branches and professional trader of FOREX markets; IAET and FCI, Moscow, 2004.
 Lifelong Qualification Certificate of Manager of Investment Funds; RA Ministry of Finance and Economy, 1997.
 Lifelong Qualification Certificate of Securities Market Specialist; RA Ministry of Finance and Economy, 1996.
 Certificate of the Exchange Specialist and Trading on Futures, Russian Stock Exchange (RSE), Moscow, 1996.
c. Other skills and qualifications
 Strong interpersonal communication, organizational, analytical, gap analyses, policy formation, problem-solving, decision-making,
planning, budgeting, monitoring, coordination, supervision, reporting and other managerial and leadership skills;
 Strong ability and extensive experience to work in multi-tasking and multi-cultural environments as a team member, team leader,
project and unit manager and CEO with effective contacts with partners, supervisors, experts, authorities and colleagues at all levels;
 Extensive work experience in international and local projects, NGOs and private companies;
 Extensive experience in working in managerial positions in infrastructural projects funded by leading international donors;

2.  Strong skills, capacity and extensive experience to design, deliver, lead and manage various training, educational, capacity building,
R&D, technical assistance and other commercial and grant programs, assessments, surveys, etc.;
 Flexible and strong ability to work effectively under pressure and decisive conditions with a proven track record of delivering tangible
results to a high standard within deadlines and with good attention to details;
 Responsible and initiative person with strong decision making skills in a frames of stated principles;
 Serious approach to continuous professional education and improvement, personal drive and ability to be a self-starter and team player;
 Strong understanding and experience in engineering, innovations and economic development projects;
 Experience in the development and implementation of policies and strategic plans;
 Readiness and ability to travel within the region or internationally and to work additional hours;
 MS Windows/Vista, MS Office packages, Internet/e-mail programs and related products.
Summary of Membership of Professional Bodies and Voluntary Activities
2016 - Present
2014 - Present
Armenian Institute of Directors, NGO, Yerevan, RA: Member.
Adult Education and Lifelong Learning Association of Armenia, Yerevan, RA: Member.
2012 - Present Shirak International Patriotic Union (SHIPU), NGO (www.shirak.int.am), Yerevan, RA: Board Member, Coordinator of
Economic and Business Development Committee and Programs.
2009 - 2013 State Public Council of the RA, Committee of Economic, Financial and Budgeting Issues, Yerevan: Member.
2009 - Present Policy Forum Armenia (www.pf-armenia.org/), Int. Professional NGO (Washington DC, US): Senior Fellow Expert in
Economics, Finance, Business and Development.
2008 - Present Business/MSME Advocacy Forum/ Network (http://www.afic.am/BAN/BAN.htm#), Yerevan: Co-founder, Member.
2002 - 2004 Union of Business Support Organizations, Yerevan, RA: Expert and adviser on financial markets and MSME financing.
1999 - 2008 Foundation for Small and Medium Businesses (FSMB), Yerevan, RA (www.fsmb.am): Chairman of Supervision Board,
Head of Economic/Community Development Programs.
1999 - 2010 Gyumri Development Foundation, NGO, Gyumri, RA: Co-founder, Chairman of Supervision Board, Head of MSME
Financing, Business and Community Development Programs.
2008 - 2011 Ministry of Economy (MoE) of the RA, Working Group on Development and Implementation of CG Code in the RA:
Member.
1997 - 2002;
2009 - 2015
Rotary Clubs, Gyumri, Yerevan, RA: Founder member of Gyumri Rotary Club (1997-1998); Member of Yerevan Rotary.
Club - Secretary, Treasury (1998 – 2002); Member of Yerevan Rotary Club International (2009 – 2015).
1997 - 1999 Armenian Securities Market Members’ Association (SMMA), Yerevan, RA: Board Member, Head of Educational
Commission and Programs.
1996 - 1998 Ministry of Finance and Economy (MoFE) of the RA. State Certification Committee of qualification testing and
certification of Securities market professional participants and Managers of investment funds: Member.
1992 - 1993 Ministries of Economy and Science and Education of the RA: State Expertise Committee on “Technical Physics” for
selection and thematic funding of research organizations and R&D projects in the RA: Member.
Education
a. General Education
Date Institution Degree(s) or Diploma(s) obtained:
Apr. 1983 -
Oct. 1984
USSR Higher Scientific Certification
Commission. Moscow.
Ph.D. Diploma of Candidate of Technical Sciences.
Sept. 1978 -
June 1982
Scientific Research Institute of Physics of
the Earth of the AS of the USSR, Moscow.
Completion of a Post-Graduate PhD Research and Study
Program in the field of Geophysics and Geophysics Devices.
Aug. 1977 -
May 1979
Post-Graduate State University of Public
Sciences of the ML, Department of Public
Administration (PA). Gyumri /Yerevan.
MPA. Diploma with Distinction. Specialization: Public
Administration and Management of Enterprises.
Sept. 1968 -
Sept. 1973
Armenian State Engineering University,
Department of Radio-Electronics. Yerevan.
MS in Engineering. Diploma with Distinction. Specialization:
Radio-Engineering. Qualification: Radio Engineer.
b. Professional Development Programs and Certificates
Date Institution Degree(s) or Diploma(s) obtained:
Sept. -
Nov., 2009
University Administration Support Program
(UASP) funded by IREX and US Carnegie
Corporation (Washington DC, US). Miami
University in Oxford (OH, US) and
California State University (Fresno, CA, US).
Certificate of Completion of the international grant fellowship
competition program with a research of the US higher
education management system and completion of a Case Study
on “Strategic Planning, Quality assurance, Accreditation and
their Interrelation in the US Higher Education”.
May - July,
2004
Certification professional development
programs for executive directors of dealing
centers and FOREX market traders at
International Academy of Exchange Trading
(IAET) and International FOREX Club – FCI
(Moscow, Novosibirsk, and RF).
Completion of certified professional training and internship
programs for executive directors of FCI and IAET branches
and dealing centers and for FOREX market traders. Certificates
of executive director for FCI and IAET branches and certified
professional trader of FOREX markets.
Apr. - May, SME Development and Community Certificates of Completion of international grant Internship

3. 2002 Connection International Grant Internship
Competition Program funded by the US State
Bureau of ECA and IREX (Washington DC,
US). Center for International Understanding
(CIU) at Bluefield Community College (BCC)
and First Citizen Bank – FCB (Bluefield,
WV) and Business Support Center (BSC) at
Richland Community College –RCC
(Richland, VA).
and Training Programs on MSME Planning, Financing,
Establishment, Development and Management, as well as on
Banking, Investment, Trust and Financial Planning Services.
June 1996 Certification Training Program on Exchange
Specialist and Trading on Futures at Russian
Stock Exchange (RSE), Moscow. RF
Certificates of Completion of training Program on Exchange
Specialist and Trader on Futures at the RSE Platforms.
1996 – 2015 Other professional development programs:
Attended and successfully completed more
than 100 professional development,
fellowship, exchange and qualification
certified programs in Armenia, USA, Poland,
RF, Georgia provided by more than 20 local,
foreign and international professional
capacity-building organizations in the
following areas:
• Strategic, general, project, organizational, operational, financial and
investment planning and management;
• CG and business ethics;
• Grant proposal preparing, issuance, selection, implementation,
management and supervision;
• Business modelling, start-ups, incubation, fundraising,
development, management and assistance;
• SME establishment, financing, development and management;
• FM, SM, stock exchange activities, lending, investment, etc.;
• Higher education management, financing and reforms, SP, Bolognas
processes, ECTS, QAS, etc.;
• R&D, Innovations, electronics, seismology, electrograph, etc.
• TOT programs on FM, SM, management, SME, entrepreneurship,
marketing, QAS, etc.
Language Skills
Language Reading Speaking Writing
English Proficient Proficient Proficient
Armenian Native Native Native
Russian Excellent Excellent Excellent
List of Some Relevant References
 Armen Darbinyan. Rector of the RAU, Chairman of the ICHD (www.ichd.org), Former Prime Minister of the RA. Tel: (+37491) 419
703. E-mail: adarbinian@hotmail.com.
 Donald Hart. COP of USAID CMDP (PWC LLP, IBMC - USA) and SMSA (BWI Int. - USA) Projects in Armenia. Tel: (+92322) 505
7073, (+1443) 570 3073, (+1703) 956 0116. E-mail: drhartinus@yahoo.com.
 Edward Sandoyan. Director of Institute of Economy and Business (IEB) and Business School at RAU, Chair of Faculty of Finance at RAU
(Former Minister of Economy and Finance of the RA; Head of the Supervision and Methodology of the CBA, Tel: (+37410) 272 012;
(+37491) 406 270. E-mail: edwardsandoyan@gmail.com).
 Harsh Bhargava. Vice President of the BWI Inc.-USA (www.Bankworldinc.com). Tel: (703) 749 5300. E-mail:
HBhargava@Bankworldinc.com.
 Robert Singletary. COP of USAID FSDP Project in Armenia (Cardno/EMG). Tel: (+995599) 452 516. E-mail: rhsinq@aol.com.
 Martin Dinning. COP of the USAID FSDP Project in Armenia (Cardno/EMG - USA). Tel: (+37410) 522 506 (108). E-mail:
mhd@martindinning.com.
 Mushegh Tumasyan. CEO of Economic Development and Research Center - EDRC (Former Deputy Minister of Economy and Adviser
of the President of the RA). Tel: (+ 37499) 099499. E-mail: mtumasyan@edrc.am.
 Martha E. Penberthy. Volunteer at US Peace Corps (Adviser of the GEDF and Gyumri Techno Park). Tel: (+37477) 288 414. E-mail:
mepenberthy@aol.com.
 Varazdat Avoyan. Chairman of Shirak International Patriotic Union, NGO, Tel: (+37491) 904 222. E-mail: shirak.int@gmail.com.
 Mary Beggs. Senior Manager, EG Cardno/Emerging Markets Group (EMG) LTD (USA); USAID FSDP and FED Projects’ Director. Tel:
(+1703) 373 698. E-mail: Mary.Beggs@cardno.com.
 Anthony Sinclair. Technical Director, Economic Growth at Cardno Emerging Markets USA, Ltd., Technical Advisor at USAID FSDP
and FED Projects. Tel.: +1 703 373 7660, E-mail: Anthony.Sinclair@cardno.com.
Samvel A. Mkhitaryan
06 June, 2016

4. Record of Professional Key Experience
Date
Institution, Company, Project
& Reference Person
Position, Role Description of Duties, Accomplishments and Achievements
04/2013 -
12/2015
USAID Finance for
Economic Development
(FED) Project in the RA
(www.armeniafed.com)
Implemented by Cardno -
Emerging Markets Group
(EMG) LTD (USA).
Yerevan, Armenia.
Stephen Strauss and Sisak
Mkhitaryan, COP.
sstrauss@armeniafed.com;
sismkhitaryan@armeniafed.com
Mary Beggs, Project Director.
Tel.: (+1703) 373 698;
Mary.Beggs@cardno.com
Institutional
Framework
Development
(IF) Team
Leader (TL)
 In coordination with the COP planned, managed, ensured the completion as a professional and team leader, took overall responsibility and
reported on all tasks, activities and results of the Team and its partners and engaged experts, including particularly the successfully
completed Team activities in the following general areas:
o Assist the CBA to increase its capacity to improve the regulation and supervision of the Armenian financial markets, including the
assistance in: (i) development and adoption of several new legal and regulatory acts, particularly aimed to improve the MSMEs access to
finance, (ii) development and implementation of regulatory impact assessment and risk based supervision, (iii) need assessment, planning,
designing, organization and conduction of various training programs for the CBA staff, etc.;
o Assist the MOF, WB and AAAA to improve the MOF and AAAA capacity to improve the professional development, licensing, quality
assurance and supervision of accounting and audit profession, including the assistance to: (i) WB Mission and MOF to develop and
implement the Country Strategy and Action Plan (CSAP) on Corporate Finance Reporting (CFR) with new laws on Accounting, Auditing
and Public Oversight, (ii) AAAA to develop and publish a textbook on Audit and Internal Control for its professional development and
training programs, etc.;
o Assist the CBA, MOF, MOE, MOJ, financial institutions and other counterparts to improve financial sector infrastructure to reduce
supply-side impediments to improve the MSME financing and other financial services, reduce costs and risks, and improve risk
management and transparency of financial services, including the assistance in: (i) development and implementation of secured
transactions system in Armenia with a unified online electronic registry of secured rights on movable property by development and
adoption of new legal and regulatory framework, planning, designing, organization, conduction, quality assurance, monitoring and
evaluation of various training and public literacy programs, etc., (ii) organization and conduction of supply and demand side joint forum
and follow up separate meetings of IT companies and financial institutions for clarification of existing shortages and possible solutions to
expand and improve the IT based services and products of financial institutions, (iii) comprehensive need assessment and development of
a detail report on usage of IT technologies by financial institutions to improve the access to finance, especially for MSMEs in rural areas,
(iv) facilitation of cooperation and negotiations of financial institutions and vendors of IT technologies, (v) designing, organization and
conduction of various training programs and seminars on IT governance, development, usage of various IT based financial products, etc.;
o Assist the CBA, UBA, UCORA, ASA, AAAA, financial institutions and educational organizations to increase the pool of financial sector
professionals in the workforce to foster improved and expanded financial services, including: (i) the conduction of professional education
and development demand and supply side need assessment with development of related report and supply and demand side
recommendations, (ii) planning, designing, organization, conduction, monitoring and evaluation of various competency and learning
outcome based training programs for banks, UCOs and etc. on designing of market oriented new financial products, MSME lending and
other financial services, implementation of secured transactions system, IT based financial services, TOT on actuarial professional
development trainings, etc.,
o Assist the CBA and other interested governmental bodies to develop a strategic plan for strengthening the financial sector’s ability to
support economic activity and business development in the country, including the provided comprehensive assistance to the CBA to
develop the financial sector development strategy, etc.
 Actively assisted and took key roles in completion of the most tasks of the Project’s other components, particularly in areas of: (i) assessment
and development of comprehensive reports and recommendations for a) improvement of MSMEs’ financial services and access to finance, b)
wholesale lending of credit organizations by local banks to enhance their abilities to improve the MSME financing, c) trends, bases and
impact of AMD rate’s fluctuations, etc.; (ii) designing and implementation of a pilot project for introduction of integrated financial and non-
financial services for regional milk production MSMEs; (iii) planning, designing and implementation of various trainings and public
awareness and literacy actions supporting the ongoing pension reforms; (iv) organization and conduction of various comprehensive public
financial literacy activities in all regions of Armenia in the frame of “My finance” month; (v) development and implementation of the first
securitization pilot project in Armenia with issuance of the first asset backed bonds based on the loan portfolios of 5 originator UCOs, etc.

5. Date
Institution, Company, Project
& Reference Person
Position, Role Description of Duties, Accomplishments and Achievements
 Actively participated in the FED’s general planning, implementation, supervision, performance monitoring and evaluation and reporting
activities. In the absence of the COP, acted as an ACOP as well, etc.
 Planned, designed, organized, conducted, monitored and evaluated various trainings, seminars, round-tables, consulting services etc.
 Represented the Project and FSI Team to the CBA, MoF, MoE, UBA, UCORA, commercial banks, credit organizations, other counterparts,
governmental institutions, international organizations, etc.
01/2014 –
11/2015
UNIDO GEF Global Clean Tech Innovation Program - GCIP (facebook.com/UNIDOcleantechArmenia). Frunzik Voskanyan, Head. Tel.: (+37493) 627 897; E-mail: f.voskanyan@unido.org.
Contractual Independent External Judge for review and valuation of applications to finance the selected start-ups for the National Business Ideas Competition under the UNIDO/GEF Global
Clean Tech Innovation Program (GCIP) in Armenia and Mentor of selected semi-finalist teams at the GCIP acceleration program on business modelling, development, financing, etc.
09/2012 –
04/2015
Enterprise Incubator Foundation - EIF (www.eif.am). Bagrat Yengibaryan, CEO. Tel.: (+37491) 617 819; E-mail: b.yengibaryan@eif.am.
Contractual External Independent Expert for review and valuation of applications to finance the selected start-ups for commercialization of their innovations under the Science and
Technology Entrepreneurship Projects (STEP) in Armenia implemented by the Enterprise Incubator Foundation (EIF), US Global Civilian Research & Development Foundation (CRDF Global)
and Government of the RA.
10/2012 -
Present
National Center for Professional Education Quality Assurance Foundation - ANQA (www.anqa.am). Ruben Topchyan, ED. Tel.: (37410) 229 145; E-mail: ruben.topchyan@anqa.am.
Contractual External Independent Expert on Quality Assurance and Accreditation of Higher Educational Institutions and Programs.
05/2012 -
03/2013
Enterprise Development
Foundation (EDFA) of the
RA; Gyumri Economic
Development Foundation
(GEDF); Gyumri Techno
Park (www.gedf.am).
Gyumri, Yerevan, Armenia.
Hayk Mirzoyan and Gurgen
Paronyan, Executive Directors.
Tel.: (+374312) 47 413, (+37498)
008 511; gparonyan@gedf.am
Expert on
Business
Development,
Start-ups,
Investment,
Innovations,
R&D and
Relations with
Local & Int.
Organizations
 Planned, completed properly and took overall responsibility for all completed tasks, activities and their results in the following main areas:
o Provide business establishment, management, development, innovation promotion, technology transfer, financial and investment
consulting, training and technical assistance to new startup and existing companies in Gyumri and Shirak Region with management of all
related MSME establishment and development GEDF projects;
o Provide assistance for all interested organizations, teams and individuals in development and incubation of new innovative business
ideas, prepare grant and investment applications and templates, initiate the establishment and development of new IT/HT teams and
companies in Gyumri, assist them in capacity building, fundraising, etc.;
o Explore and discover companies operating outside the region ready to establish branches in Shirak marz and/or Gyumri and provide
corresponding recommendations, assistance and advise to them on team building, branch establishment, etc.;
o Establish business contacts and relationship with state, local/municipal governmental organizations; create and keep constructive
relations with state, local and international organizations, donors and stakeholders;
o Review and assess grant applications of business ideas and provide recommendations for financing and establishment of new startups.
 Actively participated in the GEDF’s general planning, proposal writing, implementation, supervision, evaluation and reporting activities.
 Designed, organized, implemented, conducted and monitored various trainings, seminars, round-tables, consulting services for existing and
new companies, startup teams, etc.
09/2004 -
03/2013
Russian-Armenian
University (RAU),
www.rau.am.
Yerevan, Armenia.
Prof. Armen Darbinyan, Rector;
Prof. Edward Sandoyan, Deputy
Rector, Director of Institute of
Economics and Business.
Tel.: (+37410) 289 700; 272 012;
(+37491) 406 270.
adarbinian@hotmail.com;
edsandoyan@rau.am;
edsandoyan@gmail.com
Head of
Department of
Development
of Educational
Programs and
Relations
(DDEPR);
Deputy Vice
Rector on
University
Development;
Member of
Scientific
 As the head of the DDEPR planned, organized and managed overall activities of the department, as a professional and a head of the DDEPR
played key role in their completion and was responsible for results of all completed tasks, including particularly the following
accomplishments:
o Development, adoption and implementation of the RAU concepts, internal regulations, operational manuals, guides, etc. to address the
ongoing educational reforms in the RF and RA in the framework of Bologna Process and integration in the EAHE;
o Development and adoption of the RAU’s concept on HES development Strategic planning culture, system and procedures in the RAU;
o Development and adoption of concepts and various internal normative documents for implementation of internal quality assurance
system in the RAU on the basis of the ISO, TQM, SWOP, ENQA, as well as the RF and RA legislations, etc.;
o Planning, designing and coordination of implemented educational local, joint and international projects financed by Tempus, OSI, etc.;
o Designing and implementation of competency and learning outcomes based local, joint and international Master, Bachelor and post
graduate professional development programs and training courses on Banking, International Trading, Financial markets, SME,
Investment, Migration and Economy, Forex, etc.;
o Coordination of the RAU EMC’s activities, including the preparation and adoption of all required rules, procedures, guides and so on for

6. Date
Institution, Company, Project
& Reference Person
Position, Role Description of Duties, Accomplishments and Achievements
Council (SC,
2006-2008);
Coordinator of
Educational
Methodological
Council (EMC,
2008-2013);
Ass. professor
its functioning; assessment of quality of educational programs and efficiency of departments’ activities, completion of corresponding
reports and recommendations and submission to the EMC; monitoring of the status of implementation of the EMC recommendations and
resolutions and so on.
 Prepared and published different articles, reports, normative documents, case studies, guides, study materials and etc. on higher educational
reforms, Bologna process, quality assurance, finance, securities markets, venture funds, etc.
 Planned, organized, coordinated and conducted training programs for the RAU faculty and staff on Bologna process, ECTS-based credit
rating education, quality assurance, competency and learning outcome based education, students’ movement, EU diploma supplement, etc.
 On the basis of awarded IREX’s and Carnegie Corporation’s joint fellowship University administration support program-UASP completed a
research of the US higher education management in the frame of which developed and presented in the IREX office in Washington DC a
Case study on “Strategic Planning, Quality assurance, Accreditation and their Interrelation in the US Higher Educational Institutions”.
 As a lecturer/ass. professor prepared various educational methodological materials, delivered lectures, supervised and assisted students in
development of research papers, etc. in areas of “Planning and Analyses of Investment Projects”, “Financial Instruments and Investments”,
“SME development and financing” and “Securities markets development”, conducted testing, evaluated their performance, etc..
08-09,
2010
06-07,
2012
Cardno - Emerging Markets Group (EMG) LTD (USA). Mary Beggs, Project Director. Tel: (+1703) 373 698; Mary.Beggs@cardno.com.
Short Term Contractual Consultant to provide analytical and consulting services, including conduction of various analyses and preparation and submission of various analytical summaries and
recommendations on Armenian economy, financial markets, business environment, etc.
12/2006 -
10/2009
USAID Financial Sector
Deepening Project (FSDP) in
Armenia Implemented by
Cardno Emerging Markets
Group (EMG) LTD (USA).
Yerevan, Armenia.
Martin Dinning and Robert
Singletary - COP.
mdinning@hotmail.com;
rhsing@aol.com
Financial
Sector
Infrastructure
(FSI) Team
Leader (TL),
Acting COP
during the
COP’s absence
 As a team leader planned, organized, managed, took personal responsibility and reported the COP and the USAID Cognizant Technical
Officer (CTO) the completion of all tasks of the FSI team and its various external subcontractors and international experts. Particularly
planned, organized, led, managed and played key role also as a professional in the successful completion of the following activities:
o Extensive and diverse assistance to the CBA, Armenian Credit Reporting Agency (ACRA) and Armenian financial institutions on
development and implementation of modern credit reporting and scoring system for improvement of business lending transparency and
risk management, MSME access to finance and so on including the development and implementation of: a) financial system
corresponding legal and regulatory environment; b) business processes and procedures for the ACRA’s credit reporting and scoring
services; c) ACRA CG system and management; d) ACRA public awareness and relation activities; and e) ACRA’s all credit reporting IT
systems and facilities, by conduction of comprehensive need assessment, completion of technical specifications,
development/procurement and implementation of new software and hardware with contractual involvement of various international
experts and professional organizations on the basis of developed by the FSIT and issued RFPs and conducted relevant tenders,
organization and conduction of various trainings, etc.;
o Improvement of the CG practice in Armenian financial sector, including: (a) comprehensive assessment of Armenian banking CG
legislation and practice in compliance with OECD and Basel II CG principles; (b) development and presentation of CG general and
special individual reports with recommendations for CG improvement in the banking system and selected partner banks; (c)
development, presentation and dissemination of the CG Code, Guide and Glossaries; (d) completion of different CG capacity building and
training programs, etc. for professionals and media;
o Improvement of accounting, financial reporting and transparency in the Armenian economy (including the MSME sector) and financial
sector by translation, expert review, adoption and implementation of International Financial Reporting Standards (IFRS), including: a)
planning, budgeting, overall assistance to the MoF in negotiations with the IASB/IASCF, selection of professional translators and experts,
translation team building on contractual basis and organization of translation and expert review process; b) oversight of the official
translation process and adoption by IASB and RA Government of the IFRS 2009 Official Bare Version’s translation and its
implementation in accordance with the IASB requirements; c) planning, organization and conduction of various professional training and
awareness programs on IFRS for accountants and managers of all banks and NBFIs with contractual involvement of professional
organizations on the basis of relevant RFPs and tenders;
o Extensive and diverse assistance to the CBA, UBA, UCORA, financial institutions and several educational and training organizations to

7. Date
Institution, Company, Project
& Reference Person
Position, Role Description of Duties, Accomplishments and Achievements
improve the pool of financial sector professionals in the workforce, particularly by conduction of financial sector professional education
and career development need and gap assessment, development and presentation of corresponding cemperhancive reports and
recommendations, conduction of dement and supply side forums and discussions, providing of capacity building assistance to financial
institutions and educational and training organizations, planni9ng, designing, organization, conduction, monitoring and evaluation of
various competency and learning outcomes based training programs, etc.;
o Research, capacity-building and other infrastructure development interventions, including: a) organization and conduction of round
tables, forums, discussions and seminars on MSME problems, assistance, development and financing, securities markets, fundraising, IPO,
CG, etc.; b) development, publishing and dissemination of different assessments, reports, recommendations, brochures, handouts and
other publications on banking, various types of loans, MSME access to finance, securities market, remittances, mortgage, CG, etc.; c)
assistance to different research and infrastructural organizations on their capacity building, public and consumer relations, etc.;
o Planning, coordination and running of the FSDP cooperation and assistance to Armenian financial market’s professional associations and
other financial infrastructural organizations, including the UBA, AMMPA, FBC, AAAA, Armex, CDA, etc. on their capacity building,
fundraising, workforce development, IT improvements, professional education, PR, etc.
o Coordinating the activities of all corresponding international experts and involved subcontractors and trainers, including their selection,
involvement, supervision of their activities, acceptance of deliverables and reports.
 Directly participated in the FSDP’s general planning, budgeting, implementation, supervision and reporting activities. In the absence of the
COP, acted as an ACOP as well, etc.
 Organized, conducted, monitored and evaluated various trainings, seminars, round-tables, consulting services etc.
 Represented the Project and FSI Team to the CBA, MoF, MoE, UBA, USAID office, banks, other counterparts, organizations, governmental
institutions, int. organizations, etc.
11/2004 -
10/2006
USAID / Bankworld Inc.
(USA) - Securities Markets
Strengthening Activities
(SMSA) in Armenia.
Yerevan, Armenia.
Donald Hart, John Vartanian -
COP. Tel.: (+37491) 409 187.
drhartinus@yahoo.com.
johnmvus@yahoo.com
Deputy COP,
Acting COP,
Team Leader,
Financial
Markets Senior
Expert and
Consultant
 As an ACOP, DCOP and team leader initiated, planned, organized and coordinated all activities of the SMSA staff, involved subcontractors
and international experts related with all aspects of Armenian securities market (SM) and SMSA activities. Particularly was responsible for
development of the following SMSA surveys, assessments, reports and recommendations to enable the SMSA all counterparts (Armenian
Securities Commission – SCA, CBA, Armex, CDA, SM Participants and etc.) to make progress in compliance with international standards,
implement new technologies and instruments, etc.:
o Comprehensive assessment with detailed report and recommendations for bringing the securities exchange trading and clearing
settlement in Armenia into compliance with the G30, ISSA and IOSCO standards and introduction of non-deposited exchange trading
and clearing settlement based on the DVP and T+2/3 procedures/schedule;
o Comprehensive assessment with detailed report and recommendations on integration of the RA SM with international and regional
markets and arrangement of cross border exchange trading and clearing settlement;
o Detailed instructions and methodology for formation and usage of exchange market indices including their calculation and publication;
o Comprehensive need assessment of the SCA information database and network capabilities with corresponding reports and
recommendations for their development/improvement;
o Comprehensive assessment with corresponding reports and recommendations on securities registration, listing and reporting
requirements and procedures in the RA;
o Comprehensive analytical report with corresponding detailed recommendations on existing macroeconomic, legal and regulatory
difficulties and obstacles of the SM development in RA;
o Detail content outline of recommended by the SMSA proposed Concept of Armenian SM development, etc.
 Directly assisted the Armex in preparing its development business plans and financial projections, development and implementation of new
services, instruments, regulations and procedures, improvement of its business technologies, IT and electronic trading systems, etc.
 Designed, organized and managed selection of several appropriate financial and real sector companies (Armeconombank, Cascade Credit
UCO, Armrusgazard CJSC, etc.) as well as several broker/dealer organizations and coordinated the SMSA assistance to them for organization
of issuance, registration, and allocation and trading of corporate bonds in Armenian securities market.

8. Date
Institution, Company, Project
& Reference Person
Position, Role Description of Duties, Accomplishments and Achievements
 Designed, organized and managed the SMSA assistance to the SCA, CBA, Armex, CDA, etc. with regard to:
o Transferring the SCA functions, responsibilities and USAID-based recourses to the CBA as a new regulator of the RA SM,
o Developing new concepts, procedures, rules and legal amendments to enable IPO auctions of issued new securities and trading of new
instruments in the Armex exchange platform with updated electronic trading system;
o Assistance to the Armex and SCA to bring their technical and software capacities into consistency with their future services and
international standards, particularly to improve/update the Armex electronic trading system (ETS) and the SCA IT systems for
monitoring of the SMP activities;
o Organization, conduction, monitoring and evaluation of various training programs for SCA, Armex, CDA and BD Companies to improve
their marketing, business development, fundraising, IPO, underwriting, market making and rule making abilities and skills.
06/2004 –
11/2004
International Academy of
Exchange Trading (IAET)
and Forex Club International
(FCI). RF, Moscow.
Gagik Mouradyan, Chairman
of the FCI Branch AFC.
Tel.: (+37493) 269380.
Yerevan@fxclub.org
Head of FCI’s
and IAET’s
Branches in the
RA; Executive
Director of the
Armenian
Financial
Center (AFC )
 Represented the IAET and the FCI in the RA and managed overall activities of representations and the AFC, including financial, strategic
and business planning, marketing, budgeting, business development, cost and income estimations, fundraising, technical, IT and professional
capacity building, operational and financial control, day-to-day overall management, reporting, PR, etc.
 Planned, organized, conducted, monitored and evaluated regular weekly seminars and monthly commercial professional training programs
on financial markets, financial management, Forex, technical and fundamental analyses of financial markets, investments and so on.
 Planned, designed and managed the development and usage of new dealing center and procedures for Forex traders on contractual basis, etc.
06/2002 -
06/2004
USAID/IBM Business
Consulting Services - Capital
Markets Development
Project (CMDP) in Armenia.
Yerevan, Armenia
David Wall, John Vartanian -
COP. Tel.: (+37491) 409 187.
johnmvus@yahoo.com
Team Leader of
Armenian
Capital Markets
Development
Team (Pillar 1)
 Planned, organized and managed the Pillar's all activities, including the overall assistance and various workforce training seminars to
Armenian SM all participants on business and financial planning, development, implementation, improvement, marketing and price
estimation of their services, general, HR and financial management, reporting, etc.
 Regularly evaluated the progress of the activities of the Armex, CDA, SCA, Broker/Dealer Companies and other counterparts, analyzed
existing problems and situation in the Armenian SM, developed and submitted relevant reports, resolutions, guides and recommendations.
 Coordinated the regular supervision and evaluation of the Armex’ staff activities, accomplishments, knowledge and skills in terms of their
compliance with the SCA, Armex and CMDP requirements.
 Coordinated cooperation with international experts, organized and conducted workforce training seminars, round-tables, discussions and
consulting services for Armenian SM professionals and media, processed and disseminated financial information, summaries, etc.
11/2001 -
Present
Foundation for Civil and
Social Development (FCSD).
Yerevan, Armenia.
www.fcsd.am
Co- founder,
Chairman of
the FCSD,
Initiator and
Leader of all
Projects
 Initiated, coordinated and led proposal development and fundraising activities, led and managed all completed projects and grant programs
on SME, NGO and regional development, civil society creation and improvement, assessment of Armenian political environment and
political parties, etc., granted by the USAID, OSCE, US DC SGP, US Embassy, CESO CA, etc.
 Initiated, coauthored and chief edited all published information directories, guides, publications, databases, etc.
 Managed and led all activities on survey, development, publication and distribution of information guides, directories and web based
databases on Armenian political parties participating in the RA Parliamentary and Presidential elections with coauthoring and chief editing
the guides, directories and other information materials.
09/2001 –
06/2002
Securities Commission of
the Republic of Armenia
(SCA), Armenia.
Yerevan, Armenia.
Edward Mouradyan, Chairman
of the SCA. www.sca.am.
Advisor to the
Chairman of
the SCA
 Analyzed main concerns and problems hindering of the Armenian SM development, including the existing SM development concepts and
legal environment for the establishment of investment funds and development of Armenian SM in general.
 Coordinated and supervised activities of the SCA departments in elaboration of analytical, information and explanatory articles and
materials for publication on the SCA website and various newspapers/ magazines on all aspects of Armenian SM.
 Analyzed new Armenian legislative documents, the SCA draft regulations and materials of the SCA meetings and submitted corresponding
summaries and recommendations.
 Planned, organized, coordinated and supervised various training and educational courses for capital markets participants.
09/1998 –
09/2004
GOAM, Academy of Public
Administration. Yerevan,
Lecturer on
Securities
 As a lecturer prepared and delivered required educational methodological materials, provided lectures, supervised and assisted students in
development of their research papers, etc. in areas of Securities markets, conducted testing, etc.

9. Date
Institution, Company, Project
& Reference Person
Position, Role Description of Duties, Accomplishments and Achievements
Armenia Markets
09/1998 -
09/2001
USAID / Pricewaterhouse
Coopers LLP - Capital
Markets Development
Project (CMDP).
Yerevan, Armenia.
Donald Hart, COP.
drhartinus@yahoo.com
Capital Market
Industry
Specialist,
Consultant,
Group Leader
 Analyzed activities of Armenian stock exchanges and BD companies, determined problems of Armenian SM, rendered relevant reports,
recommendations and assistance.
 Provided assistance and consulting to the SCA, ARMEX, CDA, Stock Exchanges, Broker/Dealer companies and other counterparts,
developed drafts of different rules, regulations, procedures and related documents according to international standards in co-operation with
the SCA and the ARMEX.
 Provided assistance and consulting to the SCA and B/D companies for development of the SM Market Members’ Association (SMMA) and its
further transformation to a self-regulatory organization (SRO) and unified stock exchange – the Armex.
 Provided assistance and consulting to B/D companies and selected SMEs on preparation of prospectuses for securities issuance, business,
financial and marketing plans, company profiles, financial statements, investment memorandums, as well as on financial management,
fundraising, etc.
 Authored special brochures on capital markets and investments. Assisted Armex and SCA on designing, development and implementation of
Armex electronic trading system and relevant IT facilities.
04/1998 –
02/2000
Analytical Information
Center of Economic Reforms
of the GOAM, Yerevan,
Armenia. Armen Darbinyan,
Prime Minister of the RA.
Tel.: (+37491) 419 703.
adarbininan@hotmail.com
Deputy
Executive
Director
 Coordinated and supervised the Center’s activities related to the research of Armenian economy, financial markets and SME development in
Armenia, as well as efficiency of the Governmental economic policy and reforms, organized relevant round-tables, discussions and seminars;
 Coordinated and supervised the Center’s activities on analyzing problems of financial markets and SMB development in Armenia, prepared
relevant reports and recommendations, organized corresponding conferences and prepared and published relevant information materials and
recommendations on SME and financial markets development in Armenia.
08/1997 -
08/1998
Commercial Bank
“Shirakinvest”, CJSC.
Gyumri/Yerevan, Armenia.
Hovhannes Grigoryan, CED.
shib@shirak.am
Head of the
Yerevan
Representation,
Manager of the
UN IOM
Micro-business
Loan Program,
Board Member
 Coordinated and managed of the bank’s overall activities in the frame of the UN IOM Micro Business Loan Joint Project in Yerevan,
reviewed and appraised all loan applications and plans of costumers, disbursed acceptable projects, monitored accepted loan projects and
reported to the bank CEO and IOM on the status of all ongoing loan programs;
 Organized and conducted consulting and training activities for the bank’s all potential borrowers in the frame of the IOM Micro Business
Loan Project on the MSME establishment and development, business, financial and tax planning, cost estimation, business implementation,
fundraising, control and reporting, preparation of loan-related documentation, etc.;
 Managed the Bank Representation office activities in Yerevan and submitted reports and proposals to the bank CEO and Chairman on the
improvement of activities of the Bank and its Representation;
 Supervised the implementation of the Board decisions, co-authored the Bank’s development strategic plan, etc.
08/1997 -
08/1998
“Apricot Plus” Consulting
and Training Co. LTD,
Yerevan, Armenia.
Aram Tarakhchyan,
Founder, ED.
Tel.: (+37491) 409751
Deputy
Director, Chief
Consultant,
Team Leader of
trainers
 Planned, organized, coordinated and managed overall financial management activities of the company and its commercial and grant projects,
prepared and provided financial plans, cost estimations, required status and financial reports, etc.;
 Coordinated business management training programs and consulting services on business planning, MSMB startups/establishment, financing
and development, financial management and new products and service development and introduction;
 Initiated, co-authored the “Concepts and Strategy of Banks for MSME Lending, Development and Support” by commercial banks and
presented to various Armenian banks.
02/1995 -
08/1997
Gyumri Stock Exchange
(GSE) JSC.
Gyumri, Armenia.
Armen Darbinyan, Hovannes
Grigoryan _Chairman.
122 Abovyan Str., Gyumri,
Armenia.
Tel.: (+37491) 419 701.
Co-Founder,
Board Member,
ED, Manager of
the “Capital
Market
Development
in Shirak Marz”
Project funded
 Initiated, actively participated in the foundation of the GSE CJSC, managed its overall activities and reported to the Board and shareholders
according the Charter, RA legislation and CG principles.
 Initiated and managed the designing and implementation of all exchange technological processes, procedures and regulations for ensuring
the GSE establishment and development, designing and implementation of exchange trading and clearing settlement for different
instruments.
 Initiated and assisted the establishment, functioning and development of several investment-financial and consulting companies in Gyumri,
participated in the Shirakinvestbank's establishment to enhance the development of financial markets and economy/SME in Shirak Marz.
 Organized and conducted various workforce professional education and training courses and seminars for broker/dealers and staffs of local

10. Date
Institution, Company, Project
& Reference Person
Position, Role Description of Duties, Accomplishments and Achievements
adarbininan@hotmail.com by USAID and
Eurasia Found
banks and branches.
 Designed and managed the USAID/Eurasia awarded grant project on development of the regional SM in Shirak Marz.
01/1993 -
05/1995;
12/1976 -
06/1992
Special Experimental -
Designing Technological
Institute of Academy of
Science of the RA.
Gyumri/Yerevan, Armenia.
Secretariat of Direction of
Technical Physics and
Presidium of NAS of the RA
Gyumri, Yerevan, Armenia
Executive
Director,
Research
Director, Head
of Research and
Designing
Departments
 Carried out all managerial functions for this self-sustaining Institute and its relevant self-sustaining divisions, including the managing the
marketing analyses, contractual negotiations, budgeting, fundraising, capacity building, completion of all contractual and planned tasks,
evaluation of results and reporting to Presidium of the NAS of the RA and Contractors, etc.
 Planned, organized and managed all research-experimental designing projects and activities (R&D/REDA) and their results' implementation
by experimental manufacturing, testing, marketing, supplying, etc.
 Designed, implemented/produced, tested and delivered to contractors/customers manufactured different scientific devices and electronic
equipment with completed research and technical documentations, manuals and user guides.
 Organized, coordinated and completed the international technical testsing and transfer accepting processes of several Microprocessor
Programming Digital and Analogical Information Processing and Measuring Systems, seismographs and so on for different institutions of the
Academy of Sciences of USSR and etc., designed and produced by SEDTI of the NAS with my direct key professional participation and
project management.
 Managed R&D groups/teams from the NAS of the RA and SEDTI and took overall responsibility for their activities and results, as well as
cooperation with other international scientific groups and units, particularly during the 6 month International Scientific Expedition
“Academic Kourchatov–49” Round the Atlantic Ocean by the scientific liner for testing of designed and produced by the SEDTI scientific IT
digital analytical, measuring and recording systems.
 Monitored and directed day-to-day operations of the Institute, divisions and Projects to ensure that the policies and procedures are being
followed, goals and objectives are met, and services and projects are accomplished efficiently and effectively.
 Coordinated and supervised activities to summarize R&D results and drafting and publication of various articles and copyrights, authored,
co-authored and published different scientific articles and copyrights, etc.
 Presented various authored and co-authored, designed and produced scientific devices in different international and local exhibitions,
including the SU and Armenian EANEs.
06/1992 –
02/1993
Scientific Research Institute
of Applied Problems of
Physics (IAPP) of the ASA,
Yerevan, Armenia. Director,
Alpik Mkrtchyan; Academician
of the NAS of the RA. Tel.:
(+37410) 262887; (+37494)
262887
Chief
Engineer,
Manager of
R&D Applied
Projects’,
Supervisor of
branches
(R&D Center
Experimental
factory)
 Organized and managed the application of results of R&D projects in experimental production processes.
 Organized and managed the production processes of scientific devices and electric household appliances.
 Supervised and coordinated activities of the experimental production unit and R&D bureau of the IAPP, including the engineering reviews
of products designing and manufacturability, organization and supervision of implementation, production and control processes.