Friday, April 29 2011 12:20
Involvement of banks in agriculture financing on attractive terms to positively impact development of agricultural sector
ArmInfo. Involvement of banks in agriculture financing on attractive terms will positively impact development of the agricultural sector of Armenia, President of Armenia Serzh Sargsyan said at a discussion with bankers at the Central Bank, Thursday. "Measures in the given sector will be continued. Both the CB and commercial banks must do their best for target oriented lending and purposeful use of loans. These favorable terms are created to increase agricultural production, ensure cultivation of lands and employment of villagers," the president said. He recalled that the government has recently adopted a decision to subsidize the interest rates of agricultural loans (4% of all farms and 6% for the most vulnerable communities). Three banks have already been involved into the process (ACBA-Credit Agricole Bank, Ardshininvestbank and Converse Bank).
The presidents and the heads of commercial banks exchanged opinions on the state of the banking system, cooperation of the government and the private sector, and the existing problems. The bankers made their approaches to settlement of the existing problems. S. Sarsgyan touched upon macroeconomic indicators and inflation restraining and said that certain results and indicators will be achieved within the coming months not only by the financial system but also through complex measures.
The president said that a meeting with the heads of mining companies was held on Wednesday wherein changes in the tax and customs systems were discussed.
"I think that banks with their strategy of lending to SME and big companies can significantly contribute to economic development of Armenia. We can see bilateral and even trilateral benefit here: banking system, private sector and the state. Yesterday I studied in details the indicators of the banking system: the indicators for the 1st quarter are promising. These trends should be continued and we will seek to find new impetuses for economic development," the president said.
During the meeting, Chairman of the Central Bank Arthur Javadyan presented the process of development of the banking system, the existing problems and the ways to settle them, as well as cooperation of the banking system with the government and the private sector.
Expert: Electricity tariff containment in Armenia is only temporary
Political Scientist: Armenia`s withdrawal from Eurasian Economic Union (EAEU) to result in its dependence on Azerbaijani and Turkish markets
Artur Avetisyan: All discussions regarding the choice of a future NPP model will remain mere talk until there is a vision for strategic development
ATI.SU: Demand for international cargo transportation 30% up in Armenia
Civil Contract nominates Armen Ktoyan for Central Bank Board Member position
Armenia, France considering prospects for expanding technological cooperation