$1 Million Agricultural Credit Agreement Signed

YEREVAN (Noyan Tapan)–The Armenian Agricultural Assistance Bank–which was established to credit Armenia’s agriculture–and the French Credit-Agricol bank have been cooperating since 1992. Since then the Credit-Agricol has been rendering both technical and financial assistance to the Armenian bank.

A ceremonial signing of another credit agreement has been held as part of the two banks cooperation.

During the signing–President of the Credit-Agricol Bank Yves Barsaleau said that the $1 million credit program is aimed at agricultural reform in Armenia. The credit will be issued to the Armenian Agriculture Assistance Bank for six years at an annual interest of nine percent

Assuming the responsibility for all the bank risks–the Armenian bank will start to repay the credits allocated without state backing in two years.

President of the Armenian bank Stepan Gishyan pointed out that credits will be issued not only in Armavir–Ararat–Lori–Shirak and Vayotz Dzor–but also in a number of other regions which will soon be determined. Credits will be issued at an annual interest of 16 to 20 percent for two years.

Under the program all branches of the agricultural complex are to be rehabilitated as well. The credit program also provides for the repayment of all credits.

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