Wednesday, February 14 2018 15:04
Karine Melikyan

Converse Bank has started issuing agricultural loans under state subsidy

Converse Bank has started issuing agricultural loans under state subsidy

ArmInfo. On February 7, memorandums were signed with this purpose with the Ministry of Agriculture and Rural Areas Economic Development Programmes Implementation Unit.

"Financing of SMEs in Armenia, including the agricultural sector, is one of the priorities of Converse Bank's activity. This cooperation enables Converse Bank to expand the list of offered products and make financing maximum affordable for the beneficiaries. Namely, within the framework of cooperation, the Bank's existing and new customers can obtain loans for installation of hail protection netting and drip irrigation systems and establishment of intensive orchards up to 5% annual interest rate", - said Rostom Badalyan, Corporate Business Director of Converse Bank, adding that the loan products are already available at all branches of the Bank.

Within the framework of the projects, loans will be provided to private individuals and legal entities, including cooperatives and private entrepreneurs.

According to the Financial Rating of the Armenian Banks, prepared by IC ArmInfo, the volume of agricultural loans as of January 1, 2018 exceeds 155 billion AMD (over $ 320 million) with moderate annual growth. In total agricultural loans, Converse Bank accounts for about 4.5% or 7.012 billion AMD, with an annual growth of 51.7%.

A memorandum of cooperation on the program of subsidizing interest rates on loans to the tab intensive fruit orchards, processed using advanced technologies, and the installation of drip irrigation systems and anti-hail nets previously signed with the Ministry of Agriculture and the implementation of the office of economic development programs in rural also ACBA-Credit Agricole Bank, INECOBANK, Armswissbank and UKC "Farm Credit Armenia".

According to the Ministry of Agriculture of the Republic of Armenia, according to the program of subsidizing interest rates on loans for the installation of anti-hail nets loans will be issued with a maturity of 7 years, at a rate of 14% per annum, which will allow subsidies to provide loan for the rate of 2%. According to the program of subsidizing interest rates on loans to the tab intense fruit gardens 0.5-10 hectares, processed using advanced technologies, the loan will be issued with a maturity of 7 years, at a rate of 5% per annum. Under the program of subsidizing interest rates on loans for the installation of drip irrigation systems, loans will be issued with a maturity of up to 3 years, at a rate of up to 14% per annum, subsidizing which will provide the client a loan at a rate of 2%. 

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