Armenian farmers provided $30 million loans through universal crediting organizations

YEREVAN, October 24. / ARKA /. The project office for implementation of projects, affiliated with Armenia’s ministry of finance, has provided farmers across the country with more than $ 30 million in loans to finance about 1,056 programs, the office told ARKA.

The project implementation office known as “Rural Financing Structure” oversees the process of signing agreements with various crediting organizations for the development of small and medium-sized agricultural businesses. The finances are provided from loans issued by IFAD and the World Bank International Development Agency.

The size of loans may reach up to 60 million drams or an equivalent in USD. They are repayable in seven years with an 18-month grace period.

According to project implementation office head, S.Virabyan, new financing mechanisms were developed and introduced for universal crediting organizations.

“We are currently working with seven credit institutions specializing in the agricultural sector, five of which renegotiated borrowing agreements in September. Under the new agreements, the project implementation office has announced a tender for providing $300,000 in fresh funding, ” he said.

According to Virabyan, the application of each crediting organization will be considered separately, and priority will be given to the organization that will provide sub-loans at the lowest annual rate.
“We provide funding in USD and drams in line with the requirements of the Armenian financial market, and based on the characteristics of different segments of agriculture,” he said. -0-

spot_img

POPULAR

Capital of Armenian credit institutions increased by 9.76% in the first quarter of 2026, exceeding 458 billion drams

The total capital of Armenian credit institutions in the first quarter of 2026 amounted to 458.03 billion drams, an increase of 9.76% compared to the first quarter of 2025.

“Cannot deliver your package”. IDBank warns about fake messages from ‘’HayPost’’

In Armenia, a wave of mass messages is being recorded that exploit trust in the national postal operator HayPost. Attackers use the expectation of the package as a fake reason to steal banking data or install spyware on users’ smartphones.

Armenia Central Bank Governor: Open Banking Will Strengthen Clients’ Position with Financial Institutions

The implementation of the Open Banking model in Armenia is aimed at expanding consumer options in their dealings with financial institutions, Martin Galstyan, Chairman of the Central Bank of Armenia, told reporters on the sidelines of the "SME Sector: Impact and Development Challenges" conference.

Union of Banks: SMEs account for approximately 37% of Armenia’s economy and receive 60% of business loans

Small and medium businesses account for approximately 37% of Armenia's economy and receive approximately 60% of business loans, stated Daniel Azatyan, Chairman of the Union of Banks of Armenia.

Chairman of Central Bank: Interest rates on loans for bona fide SMEs may decrease by 1-1.5%

The Central Bank of Armenia has initiated a program to support small and medium-sized businesses, under which interest rates on loans for companies with good credit and tax histories may be reduced by 1-1.5%, stated Central Bank Chairman Martin Galstyan.

LATEST NEWS

spot_imgspot_imgspot_img