Farms in Armenia will be able to attract agricultural credits at 5% per annum

ArmInfo. Farms in Armenia will be able to attract agricultural loans at 5% per annum. On September 14, Armenian Government approved a program of subsidizing agricultural loans.

According to Agriculture Minister Ignatiy Araqelyan, state program on subsidizing interest rates of agricultural loans in Armenia will be expanded. Under the program, loans will be issued at the same 14% per annum, of which 9% will be subsidized by the RA government, against the former 6%. Credits will be issued in stages, for a period of up to 5 years in Armenian drams in the amount of 3-10 million AMD, while maintaining the previously approved amount of financing subsidies. Earlier, the maximum amount of subsidies was 3 million AMD for a period of 2 years.

Besides, farms and agricultural co-operatives of border villages using the state social support program, these loans will be issued at a rate of 3% per annum.

In Q4 of 2017 the Ministry of Agriculture expects to conclude contracts with 1600 beneficiaries of the program. An obligatory condition for participation in the program will be training in the Agricultural Development Fund. They also need to have approved business projects in their hands.