Tuesday, June 13 2017 18:46

ArmInfo. The government will  subsidize 70-80% of interest rates of loans of villagers in the first  two years of receiving a loan, Prime Minister of Armenia Karen  Karapetyan said at a meeting with representatives of the country's  banking system.

"We clearly state the state's share and subsidize interest rates for  loans in priority areas of agriculture, light industry, leather  processing, footwear production, carpets, and their exports," the  prime minister said.

According to him, the diagnosis of agriculture demonstrated the need  for a fundamental increase in its effectiveness through the  introduction of drip irrigation systems, intensive gardens,  greenhouse farms and new agricultural machinery.

"For this purpose, the Ministry of Agriculture has developed the  relevant applications, financial formulas.  In the first two years of  repayment of loans we will stand next to the villagers, subsidizing  the overwhelming part of the loan interest rate - 70-80%. "Similar  formulas are developed for light industry," Karapetyan said.

The prime minister instructed the subordinates to submit to the  banking system applications for financing the voiced spheres.