Tue, 29 April
11.1 C
Yerevan
USD: 389.46 RUB: 4.73 EUR: 441.92 GEL: 141.70 GBP: 519.38
spot_img

Finance Ministry: total portfolio of low rate crediting of agriculture is about 6-10 billion drams in Armenia

YEREVAN, April 7. /ARKA/. Total portfolio of low rate  crediting of agriculture will be about 6-10 billion drams in Armenia, said Armenian Finance Minister Vache Gabrielyan in the government meeting.

“By preliminary assessments, we can provide credits up to billion of drams. In case it is necessary, this amount can increase”, he said.

Upon the demand of the farmers the government is ready to increase the size of subsidies from the reserve fund. It is planned to allocate 250 million drams for this purpose.

From April 1 three Armenian banks – ACBA Credit Agricole Bank, Conversebank and Ardshininvestbank started to provide credits. The results can be seen at the end of the month.

“Implementation of this program will promote the development of this sphere. Credit resources will be available for the farmers and vulnerable families of the regions”, he said. Credits are provided for one year in the amount of 2-3 million with low percent rate and redemption date  of minimum six months.

The second component of the program is the provision of credits to over 200 communities in need, where the State bears 6% subsidization of percent rate.

According to the data of  CB Armenia, in December 2010 average percent rate of agricultural credits for one year was 23.4%, from 1-5 years –21.9%. Agricultural credits in foreign currency were provided by percent rate of 15% annually for one year and from 1-5 years – 18.3%. ($1 – 371.38 drams).  –0–

spot_img

POPULAR

Euro exchange rate down 1 point, while US dollar and ruble up

The average market exchange rate of the U.S. dollar to the Armenian dram on April 25, 2025, rose by 0.77 points compared to April 23 and amounted to AMD 390.33.

Armenia may access $25 mln from the IMF under the SBA agreement in June

An International Monetary Fund (IMF) team led by Iva Petrova visited Yerevan from March 31 to April 10, 2025, to conduct discussions for the fifth review under the Stand-By Arrangement (SBA) with Armenia.

In Armenia, remittances have begun to recover after a 35% decline in 2024

On the demand side, average real wages in Armenia have increased in 2025, and net money transfers have shown an upward trend, contributing to consumption growth, according to the World Bank's Armenia Monthly Economic Update – April 2025.

Instruments for supporting SMEs in Armenia were discussed with bankers at the Ministry of Economy

Financial instruments for supporting small and medium-sized businesses (SMEs) were discussed by Deputy Minister of Economy of Armenia Lilia Sirakanyan and bank representatives.

Armenia ratifies EUR 10.1 million investment agreement with EIB on Yerevan’s Second Energy Efficiency Program

The Armenian Parliamentary Committee on Financial, Credit and Budgetary Affairs gave a positive conclusion at its meeting on Friday on the ratification of the agreement on the investment grant for the "Second Yerevan Energy Efficiency Program" in the amount of EUR 10.1 million.

LATEST NEWS

spot_imgspot_imgspot_img