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The main goal of the program on “Subsidizing the interest rates on loans provided to the agricultural sector” is to contribute to the expansion of economic capacity of business entities, introduction of modern technologies, and increase of agricultural efficiency by improving the loan conditions and partially subsidizing the interest rates on loans provided to individuals and legal entities engaged in the agri-food sector of Armenia.
The subsidized loans, according to the RA Government Decree No.175-L of February 11, 2021, will be available to beneficiaries until December 31, 2021, at 0% annual interest rate, for amounts of 3-15 million AMD; the assistance is limited to 3-30 million AMD for development of sheep breeding and goat breeding and establishment of a traditional garden, and 3-50 million AMD for development of cattle breeding; the loan repayment period is limited up to 5 years, for establishment of a traditional park - up to 7 years, for loans provided for development of pig and poultry breeding - up to 3 years; the preferential terms period for the principal amount is limited up to 12 months, for loans provided for establishment of a traditional garden –maximum 4 years.
Within the framework of the program, microloans will be provided to individuals at 0% interest rate, up to 1 million AMD amount, up to 2 years of loan repayment, and up to 9 months with preferential terms.
The certificate issued by the RA Ministry of Economy to economic entities is considered by financial institutions a prerequisite for accepting and discussing applications for provision of subsidized loans and actual provision of a loan.
To benefit from the program, beneficiaries can apply to ACBA-Credit Agricole Bank, Converse Bank, ArmEconomBank OJSC, “CARD AgroCredit” UCO, “Farm Credit Armenia” UCO AC, “Kamurj” UCO, “Aniv UCO”, “AgroLeasing LLC”, ArmBusinessBank CJSC, “Global Credit” UCO CJSC, “Fast Credit Capital” UCO CJSC, AraratBank OJSC, “Armenia Development and Investment Corporation” UCO, VTB-Armenia Bank CJSC, “Credit Concept” UCO.
Detailed information on the program can be requested from:
Department of Agricultural Extension, Innovation and Monitoring, 011 597 254, 011 524 610, and Department of Agricultural Programs Elaboration, Resource Use and Cooperative Development, 011 525 232.
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