Tuesday, July 10 2012 21:56

New KfW credit program launched in Armenia


ArmInfo. A KfW credit program to support agriculture has been launched in Armenia.

In this connection, President of the Central Bank of Armenia Artur Javadyan met on Tuesday with a KfW delegation, led by the bank's Vice President Eva Witt.

The relevant agreement was signed by KfW and Armenia's CB on June 11 2012. The program is co-financed by BMZ (Germany) and the Armenian Government.

According to the agreement, KfW will lend 15mln EUR on soft terms and will grant 250,000 EUR. The Armenian Government will provide $5.5mln.

The program will cover the whole of Armenia and is supposed to help local banks to be more active in providing micro, small and medium- sized loans in the field of agriculture.

The advisor of the program is the Frankfurt School of Finance and Management, the financial partners are Araratbank, ACBA-Credit Agricole Bank, Ardshininvestbank, INECOBANk and ProCredit Bank.

According to ArmInfo's Ranking of Commercial Banks of Armenia, in 2011 the Armenian banks lent 75bln AMD ($194mln) in the field of agriculture - 36% more than in 2010. The leader in the field is ACBA-Credit Agricole Bank, with almost 47% of total lending.
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