ArmInfo. Ameriabank joined the state leasing program for the agri- food sector. As the press service of the RA Ministry of Agriculture told ArmInfo, this is the fourth bank that joined this state program, along with Armswissbank, Converse Bank and Armeconombank.
Thus, the number of participants in this state program reached 7, taking into account the first partners who signed the memorandum of cooperation in July of this year. These are the "ACBA Leasing" company and the two universal credit companies (UCC) Development and Investment Corporation of Armenia (DICA, former name SME-Investments) and CARD AgroCredit.
Under the program, the lessees have the opportunity to purchase agricultural machines and equipment on lease on the following terms: prepayment - 20%, interest rate - 4% per annum (including subsidized 7% of the stipulated 11%), repayment period - up to 8 years. This program is aimed at supporting entrepreneurs engaged in such areas as cattle breeding, plant growing, poultry farming, beekeeping, refrigeration facilities (including milk processing stations), agro-processing and agro-food, as well as involves entities engaged in sorting and packing fruit and vegetables and podded plants, and places of industrial grazing and slaughter.
This program is open to all financial organizations, the RA Ministry of Agriculture reports. As the Ministry of Agriculture informed previously, the project implementation this year will provide an opportunity to make capital investments in the agri-food sector in the amount of 4.3 billion to 4.5 billion drams. This project will allow increasing the level of saturation with the newest technologies in the agri- food sector, create conditions for further development of the field, increase competitiveness, increase production and export volumes. In addition, the program gives an opportunity of import substitution of products at the expense of local production. According to the Ranking of banks and credit companies of Armenia, prepared by ArmInfo IC, the volume of leasing operations exceeded 18.4 billion drams ($ 38.2 million) by July 1, 2018, with a y-o-y growth of 18%. The share of ACBA Leasing dominates in the total volume of leasing operations of banks and credit companies - 80%.