Wednesday, September 29 2010 20:08

Farm Credit Armenia UCC to receive funds from Armenian Central Bank for agribusiness development


ArmInfo. Universal Credit Company "Farm Credit Armenia" farmer cooperative will receive funds for agribusiness development within the frames of the World Bank programme on development of small and medium entrepreneurship (SME). A corresponding agreement was signed in Yerevan on September 29 between Director General of the cooperative Armen Gabrielyan and deputy Chairman of Armenian Central Bank Vache Gabrielyan.

The WB programme on SME development will allow Armenia's financial institutions to raise the activity of medium-term crediting of small and medium-sized enterprises, programme coordinator Karen Grigoryan said during the event. According to him, 13 financial institutions: 12 commercial banks and 1 credit company, Farm Credit Armenia, which gained the right for participation in WB programme due to the vigorous activity in the country's regions, currently take part in the programme. As K. Grigoryan said, the programme budget on SME development totals $50 mln which will be placed among its participants on 8%, for 26-year period and 5 year period of grace of repayment.

According to Director General of Farm Credit Armenia, the company schedules to double the credit portfolio, which currently reaches 1 bln drams, during a year. Farmers will be able to receive credits at 13-18% per annum, for a period to 5 years. Maximum amount of credit will make up 60 mln drams. The company also intends to triple the portfolio of leasing deals, the size of which makes up $350,000, at the expense of WB funds. Farm Credit Armenia presently works in 7 regions of Armenia and schedules to open 3 new branches in regions till late 2010.
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