Monday, January 29 2018 12:52
Naira Badalian

In 2018 in Armenia, maximum amount of a loan for subsidizing rates on agro-loans for harvesting agricultural products will increase to 1 billion AMD

In 2018 in Armenia, maximum amount of a loan for subsidizing rates on  agro-loans for harvesting agricultural products will increase to 1  billion AMD

ArmInfo. In 2018, in Armenia  within the framework of the program on subsidizing interest rates for  enterprises engaged in the processing of agricultural products, the  companies will be able to attract credit resources to 1 billion AMD  against the previously established 150 million AMD. ArmInfo was  informed about this in the Ministry of Agriculture of Armenia.

In 2017, the agency proposed a new program of affordable loans for  processing enterprises in order to solve problems with the debts of  processing enterprises to farmers, and to provide working capital for  the harvesters. According to the idea of the authors of the  initiative, this will allow the introduction of a new culture of  contractual relations between the farmer and the procuring company,  since it is this condition that will act as the main one, and also  make payments for supplies on the spot. The total financing of the  program amounted to 2.4 billion AMD, loans are provided at 3% per  annum for a period of 1 year. The maximum loan size for this state  program was set at 150 million AMD. "The loan was allocated to the  processing company, however, in fact, money was provided to the  farmer," the Ministry of Agriculture noted.

Since 2018, the maximum loan size within the framework of the program  "Subsidizing interest rates on loans to the agro-processing sector  for harvesting agricultural raw materials" is set at 1 billion AMD.  The terms of granting a loan to the procurement companies remained  unchanged, the Agriculture Ministry said.

According to the Financial Rating of Armenian Banks prepared by  ArmInfo News Agency , the volume of agricultural loans as of October  1, 2017 reached 147.8 billion AMD or $ 309 million with a slight  annual decline. The unchallenged leader in agricultural loans is  ACBA-Credit Agricole Bank, covering 47% of the total volume.

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