Tuesday, September 18 2012 22:03

Farm Credit Armenia UCO to increase its loan portfolio to 4 bln AMD by late 2012


ArmInfo. Farm Credit Armenia UCO is going to increase its loan portfolio to 4 bln AMD by late 2012, Director General of Farm Credit Armenia UCO, Armen Gabrielyan, told ArmInfo's correspondent at today's event dedicated to the 5th anniversary of the company in the Armenian market.

He recalled that by late 2009 the loan portfolio of the company was nearly 500 mln AMD ($1 mln) and increased to 3.4 bln AMD ($8 mln) by September 1 2012. He stressed that the company specializes in provision of agricultural loans and ensures high credit recovery. In the meantime, the farmers also receive agricultural equipment on leasing. In particular, within the frames of this service, a total of 100 tractors and agricultural equipment have been provided to the farmers so far. The company also cooperates with YTO (China), "Ar-Be" Armenian-Belarusian Trading House and other organizations.

Member of the Board of the Central Bank of Armenia Armenak Darbinyan pointed out Farm Credit Armenia's big contribution to the development of agriculture in the country.

The same day Farm Credit Armenia and PUM, a non-profit organization of the Dutch Foreign Ministry, signed a memorandum of mutual understanding.

Farm Credit Armenia is the country's only financial cooperative. It provides agricultural loans to borrowers in the regions. The company was set up in Feb 2007 by 57 Armenian farmers with the support of USDA. For the moment it has 2,000 member-shareholders. Sept 1 2012 the company's assets exceeded 4bln AMD, capital 777mln AMD.
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