YEREVAN, March 22. / ARKA /. Armenian farmers will be issued around 15 billion drams in loans this year, according to a deputy minister of agriculture Garnik Petrosian. He said to reporters that the banks will start issuing loans from mid-April.
Under a government decision made in 2010 April, Armenian farmers are entitled to agricultural loans at 14% interest rate, of which 4% is subsidized by the government. Loans are given in Armenia’s national currency, the dram. The average loan size is 625,000 drams.
The deputy minister said farmers in 225 vulnerable communities will get loans at 8% interest rate, while 6% will be subsidized by the government. Garnik Petrosian said loans will be issued by four banks.
He said the government will buy this year 31,000 tons of fertilizers, up from 25,000 last year, to distribute to farmers at 6000 drams per 50 kg sack. Also, he said, the other day Armenia imported about 1 million 730 tons of diesel fuel, which will be sold to farmers at 350 drams per liter. -0-
