Friday, April 29 2011 17:37

ProCredit Bank Participates in New Agricultural Loan Subsidizing Program adopted by Government


ArmInfo. ProCredit Bank has joined the new governmental agricultural loan subsidizing program. Thus, the Bank highlights the importance and significance of agriculture in the whole process of economic development of the country.

The press service of ProCredit Bank told ArmInfo that the participation in the program aims to finance those farmers operating in high priority spheres of agriculture by providing more favorable lending conditions. Loan conditions are as follows: maximum amount of the loan is AMD 3 mln. with maximum annual interest rate up to 14%, 4-6% out of which the farmers will get back from the Government.

The loans are granted with no disbursement fees and early repayment fines and with at least 6 months grace period. The term of the loan may extend up to 2 years with a preferential repayment schedule starting from the 6th month. The Bank is providing agro loans through its branches located in Artashat, Gyumri, Vanadzor, as well as Nor Nork and Malatia branches located in Yerevan.

Bertolt Hertzfeldt, Executive Director, noted: "ProCredit Bank in Armenia is engaged in agro lending since 2009. We believe that this subsidizing program will significantly contribute to the sustainable growth of entities engaged in agricultural producing, as well as help to register new and long-term achievements for the whole agricultural sector of the country".

ProCredit Bank is a full-fledged Bank with a 100% foreign capital, focused on the development of small and medium sized enterprises as well as on promotion of savings culture among the population. ProCredit Bank in Armenia is part of the ProCredit Group, consisting of 21 financial institutions operating in Eastern Europe, Africa and Latin America, which are governed by ProCredit Holding AG located in Frankfurt am Main, Germany. Shareholders of ProCredit Bank in Armenia are international well-known institutions as: ProCredit Holding AG - 68.46% shares, EBRD - 16.67% shares, KfW - 14.87% shares.
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