Monday, May 16 2011 11:08
Under state program on subsidizing interests rates, Ardshininvestbank starts providing agricultural loans
ArmInfo. Under the state program on subsidizing the interest rates of credits for farm entities, Ardshininvestbank has started providing agricultural loans. The press service of Ardshininvestbank told ArmInfo that a total of 11 loans worth over 8 mln AMD have already been approved.
According to the source, the maximum interest rate for these loans is fixed at 14% (4-6% subsidizing, depending on the location of the borrower). The agricultural loans are provided for production of seeds, potatoes, grain, vegetables and fruits, as well as for cattle breeding and acquisition of equipment.
"By participating in the state program on subsidizing the interest rates of agricultural loans, the bank supports the government in development of agriculture and improvement of the welfare of farm entities", Acting Chairman of Board of Ardshininvestbank Karapet Gevorgyan said.
According to the Ranking of Commercial Banks of Armenia by the Agency of Rating Marketing Information, as of 1 April 2011, the summary provision of crediting of the Armenian commercial banks to agriculture amounted to 60 billiob AMD (9.2% annual growth), of which 52% fell on ACBA-Credit Agricole Bank, which specializes in crediting of the agrarian sector.
By agricultural loans, Ardshininvestbank occupies the 3rd position in the banking system with 4.6 bln AMD (about 6% of the bank's credit portfolio), which is by 4.3% higher than as of the beginning of 2011. The total credit portfolio of Ardshininvestbank annually grew by 63% to 78.8 bln AMD (6th position).
To note, Ardshininvestbank provides the specified loans within the frames of an agreement with the agriculture ministry on participation in the state program on subsidizing the interest rates of agricultural loans. Besides Ardshininvestbank, ACBA-Credit Agricole Bank, Converse Bank and ProCredit Bank also take part in the program.
To recall, Ardshininvestbank holds the second place in the banking system of Armenia by its branch network coverage (55 branches, 36 of them in marzes).
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