Thursday, June 9 2011 14:57

ProCredit Bank allocates 170mln AMD under state agriculture lending program


ArmInfo. ProCredit Bank has already allocated 170mln AMD under a state agriculture lending program, Deputy CEO of ProCredit Bank Ashot Abrahamyan said in an interview to ArmInfo.

ProCredit Bank joined the program in late Apr 2011.

Abrahamyan said that agriculture is one of the bank's priorities with the share of agricultural credits in the bank's loan book being 9%.

"In 2011 we are planning to increase our agricultural loan portfolio by 2bln AMD," Abrahamyan said.

Apr 1 the Government of Armenia launched a 10bln AMD program to credit agriculture. The program involves ACBA-Credit Agricole, Arshininvestbank, Converse Bank and ProCredit Bank. The interest on the loans is 14% with 4-6% covered by the Government. The grace period is 6 months.

ProCredit Bank started its activities in Armenia in Feb 2008 and provides micro, small and medium-sized loans. The founders are ProCredit Holding AG - 68.46%, EBRD - 16.6% and KfW - 14.87%.


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