The Ministry of Agriculture has put into circulation a new project envisaging to provide a 4% interest rate loan to farmers for the purchase of processing equipment, greenhouses, dryers and encouraged financial institutions to submit their proposals on the project. This was stated at the consultation held at the Ministry of Agriculture, where the current results of the program "Subsidizing interest rates for agricultural sector loans" were discussed.

The consultation was led by RA Deputy Minister of Agriculture Robert Makaryan.

"The main purpose of our today's consultation is to discuss the process of subsidizing loans for 3-10 million drams to the agricultural sector, emerging issues, issues raised by you, as a result of which changes will be made in the program, both in terms of lending and certification," said in his speech. Deputy Minister Robert Makaryan.

According to the summarized data, in the fourth quarter of 2017, the program provided 913 credits at the sum of 4241.6 million drams, the average loan amount made 4.65 million drams. In 2018 it is envisaged to provide a loan of 9.4 billion drams to about 2100 beneficiaries. The interest rate subsidies from the state budget will be 2,030.8 million drams.

The most credits were provided by "ACBA CREDIT AGRICOLE BANK" (61.84%), "FARM CREDIT ARMENIA" UCO CC (17.9%), "CARD Agro-Credit" UCO (12.95%), "KAMURJ" UCO (7.21%), and "SME Investments UCO", which has recently joined the program ("Development and Investment Corporation of Armenia" UCO) 0.10%.

Robert Makaryan has instructed program managers to jointly consider all the issues raised and submit proposals to make appropriate changes in the program and make it more efficient, reports the RA Ministry of Agriculture Information and Public Relations.

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