Ministry of Agriculture: It will be possible to purchase agricultural machinery in leasing at a rate of 2% per annum In Armenia.

ArmInfo. The interest rate for the purchase of agricultural machinery for leasing will be 2%. The program of the state support on the purchase of agricultural machinery by leasing by Armenian farms was discussed on March 17 during a meeting at the Ministry of Agriculture of Armenia under the leadership of the Minister Ignaty Araqelyan.

As the press service of the ministry told ArmInfo, the minister recalled that the day before the program by leasing equipment was approved at a government meeting. As the head of the Ministry of Agriculture noted, 120 million AMD will be allocated to subsidize the program in 2017. If there is more demand, the minister said, it will be possible to consider the possibility of increasing its volumes. Ignaty Araqelyan assured that the government will consistently monitor the whole process for prompt response to identified gaps in the system.

According to the minister, there are no restrictions on the choice of the country of the producer of agricultural machinery. "He assured that a platform will be created where all participants will have equal rights and conditions, thanks to which the manufacturer will be profitable to offer low prices." The beneficiaries of the program will be able to purchase agricultural equipment on favorable terms - at a rate of 2% per annum Maturity of 3-10 years", said the head of the department.

To recall, according to the approved program, farmers will have the opportunity to purchase agricultural machinery in leasing at a rate of 2% per annum. Another 7% will be subsidized by the state. As a result, it is expected that in 2017 about 2.2 billion AMD will be allocated for the purchase of agricultural machinery.

According to the Financial Rating of Banks and Credit Companies of Armenia prepared by IC ArmInfo, the volume of leasing operations for the year of 2016 increased by 11%, amounting to 16.7 billion AMD. The main supplier of leasing services is the company ACBA Leasing, in the portfolio of which the agricultural sector accounts for only 3% of the investment.