Wednesday, August 30 2017 19:15

ArmInfo. As of August 30 this  year, readiness to participate in the program expressed by 10 banks and 2  universal credit companies. These are ACBA Credit-Agricole Bank,  Ameriabank, ARARATBANK, Ardshinbank, Armswissbank, Converse Bank,  INECOBANK, Armbusinessbank, Armeconombank, Prometey Bank, as well as  UCC and .  

According to Armenian  Agriculture Ministry press service, processing enterprises wishing to  cooperate with the above-mentioned finance structures within the  framework of the program, it is necessary to conclude contracts with  farmers before October 1, 2017, in accordance with the standard form  of the contract for the purchase of the harvest.

Within the framework of the program, interest rates of targeted loans  will be up to 12% per annum, out of which 9% are subsidized, as a  result of which the borrower will repay the loan at an interest rate  of 3% per annum. The maximum loan size is 150 million AMD.

According to the Financial Rating of the Armenian Banks as of July 1,  2017, prepared by the ArmInfo News Agency , total volume of  agricultural loans amounted to 161.3 billion AMD ($ 335.8 million)  with annual growth of only 1%. In the total loan portfolio of the  banking system, the share of agricultural loans exceeds 6%. With a  large margin from the rest, ACBA Credit-Agricole Bank (over 40% of  agricultural loans on the market) holds the leading position on  agricultural loans, after which the TOP-5 includes Ameriabank,  Armbusinessbank and Armswissbank. Converse Bank on agricultural loans  occupies the 6th position, ARARATBANK - the 10th, followed by  INECOBANK, Armeconombank, Ardshinbank and Prometey Bank. The volume  of credit investments of UCC by July 1 this year.  has reached 6.1 billion drams, and UCC - 5.8  billion AMD. (calculated exchange rate of the dram as of 30.06.17 is  480.47 AMD / $ 1).