RA Deputy Minister of Agriculture Ashot Harutyunyan, Converse Bank's Corporate Business Director Rostom Badalyan and Acting Director of Rural Finance Facility of Rural Areas Economic Development Programs Implementation Unit of the RA Government Staff Vahe Harutyunyan signed memorandums of cooperation to ensure the implementation of interest rate subsidy program for loans aimed at establishing intensive orchards cultivated with modern technologies and introduction of anti-hail nets and drip irrigation systems in Armenia.

"We have operative information from marzes that farmers are interested in these programs and are inquiring for the conditions and applying to banks," said Deputy Minister Ashot Harutyunyan.

According to the Deputy Minister, the number of contracting companies interested in the program and willing to act as developers is increasing day by day.

Under these programs, loans will be provided to individuals and legal entities, including cooperatives and private entrepreneurs.

 The government will partially subsidize the interest rates. Beneficiaries will be able to take loans at an annual interest rate of 2% for establishing anti-hail nets and drip irrigation systems, and 5% for intensive orchards.

"The signing of this agreement will allow Converse Bank to provide more affordable financing for small and medium rural households," said Rostom Badalyan, Corporate Business Director of Converse Bank, informing that the bank's branches are available throughout Armenia.

Vahe Harutyunyan in his turn noted that the interest of the largest banks in the programs is due to the fact that they are targeted and practical.

To date, memorandums of cooperation under the programs have been signed with ACBA-Credit Agricole Bank, InecoBank, ArmSwissBank and Farm Credit Armenia Universal Credit Organization Commercial Cooperative.

 

Department of Information and Public Relations of the RA Ministry of Agriculture