Deputy Minister of Agriculture Ashot Harutyunyan, Deputy Chief Executive Officer of ACBA-CREDIT AGRICOLE BANK Norik Nazaryan and Vahe Harutyunyan, Acting Director of Rural Areas Economic Development Programs Office of RA Government Staff signed a Memorandum of cooperation on creating Intensive orchards, hail protection networks and drip irrigation systems in order to ensure the implementation of loan rates subsidy programs.

Within the framework of subsidizing interest rates for creating drip irrigation systems, a memorandum of cooperation was signed between the RA Ministry of Agriculture, Rural Economic Development Programs Implementation Office and "INECOBANK".

"We can already state the launch of the programs. In the next step, contracting companies will sign contracts with the respective banks, after which beneficiaries will be able to submit applications to banks for participation in the program, "said Ashot Harutyunyan.

The Deputy Minister added that there are not many fruit orchards in Armenia today, and thanks to such programs, the entrepreneurs will be able to deal with competitive agriculture.

"In the case of natural disasters, particularly in the hail, the level of crop damage is high. sometimes we lose 80 to 100 percent of the crop. Due to the introduction of hail-proof networks, the garden will be protected 100%, and by using drip irrigation system it is possible to save up to 50% of water, "Harutyunyan said.

Loans will be provided to individuals and legal entities, including cooperatives and sole proprietors.

"We have a large network of branches across Armenia, and we are going to inform farmers about new projects, though we think everyone is already aware of this and is waiting for the start," Norik Nazaryan noted.

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