ArmInfo. Delay in issuance of targeted agricultural loans this year was due to the unstable situation in the foreign exchange market, due to which banks began to issue the resources only in the month of May and not in April. This was announced by Agriculture Minister Sergo Karapetyan.
According to the minister, this year due to the downturn in the economy and the collapse of the Russian ruble the banks have become more demanding to the Borrowers. Despite this, he said, this year there were disbursed loans amounting to AMD 7.5 billion, and another 7.5 billion will be given to hold autumn agricultural works. The Minister informed that the amount of government-subsidized interest rate in the current year amounted to 6%, going up 2% points and now the real debt burden of Armenian farmers on borrowing is only 8%. As Sergo Karapetyan noted, the undisputed leader in the market of agro lending is ACBA- Credit Agricole Bank.
Note that ACBA-Credit Agricole Bank from its inception, for already 17 years, is actively lending to the agricultural sector. Over the years the Bank has accumulated quite a lot of experience in this segment. The portfolio of agricultural loans of the bank on 06.30.2015 exceeded AMD 87 billion. According to the financial ratings of the banks of Armenia prepared by ArmInfo, the total agricultural portfolio of the entire banking system at that date amounted to AMD 162.5 billion.
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