Thursday, May 8 2014 19:27
ACBA-Credit Agricole Bank to continue actively financing farmers
ArmInfo. ACBA-Credit Agricole Bank has provided farmers with almost 5bln AMD under its project to subsidize loan interests, the bank's CEO Hakob Andreasyan told journalists on Thursday.
He said that this program is an effective way to support farmers. According to Andreasyan, almost 34% of the bank's loans are agricultural loans. "We will continue actively financing farmers especially as they are mostly responsible borrowers," the banker said.
He noted that most conscientious farmers will from now on enjoy a simplified lending procedure. "They will no longer need guarantors or will need just one guarantor for borrowing money. We are also reducing the interest rates of our agricultural loans," Andreasyan said.
According to ArmInfo's Rating of Banks of Armenia, as of Apr 1 2014 the agricultural loan book of ACBA-Credit Agricole Bank totaled 62bln AMD, with 15% growth registered in Q1 2014.