Araratbank is ready to provide up to one billion dram loans to green projects in agriculture
06.03.2020,
11:36
ARARATBANK has launched the second stage of Green Loan Beneficiaries Program, which was started back in 2016.
YEREVAN, March 6. /ARKA/. ARARATBANK has launched the second stage of Green Loan Beneficiaries Program, which was started back in 2016.
Anna Atovmyan, senior analyst at Araratbank’s corporate lending department, told reporters, not only the scope of beneficiaries has changed, but also the lending terms.
She said in the the first stage a total of AMD 762,238,334 were disbursed to 12 companies for energy efficient investments.
“Initially, this type of loans were granted only to companies engaged in trade, production, services, freight and hotel business. The program's goal is to support projects designed to reduce energy use and increase thermal insulation. In January 2020, ARARATBANK has expanded the list of beneficiaries involving also other business entities and private entrepreneurs, engaged in agriculture," said Atovmyan.
According to the senior analyst, the expansion of the circle of beneficiaries became possible after the renewal of the agreement with the German bank KfW under the program "Energy Efficiency for SMEs".
She said the German bank's analysts examined the needs of the Armenian market and came to the conclusion that it is necessary to provide green lending to the agricultural sector as well. Now, agricultural companies and private entrepreneurs can seek loans to build greenhouses, improve infrastructures in order to reduce costs and provide a temperature background ", she said.
Anna Atovmyan said the reason why KfW is paying more attention to this industry is the increased investor interest in Armenia's agricultural sector.
Loans are provided in Armenian drams from one to 500 million drams with a nominal annual interest rate of 10% for a period of up to 5 years. The bank does not charge for the preparation of a loan package and services.
She said the bank is ready to provide loans up to one billion drams for projects, which can have a significant positive impact on the Armenian economy. A key condition for granting a loan, however, is a clean banking history, stable income, and the value of secured real estate, cars or equipment.
"In some cases, ARARARTBANK is ready to provide benefits both in terms of monthly payments and in full repayment of the loan," she said.
Araratbank OJSC is one of the leading Armenian bank, providing the latest and highest quality banking services to both individuals and legal entities. It runs 61 branches throughout the country. The bank cooperates with 14 international financial organizations. ($1 - 479.6 drams). -0-
Anna Atovmyan, senior analyst at Araratbank’s corporate lending department, told reporters, not only the scope of beneficiaries has changed, but also the lending terms.
She said in the the first stage a total of AMD 762,238,334 were disbursed to 12 companies for energy efficient investments.
“Initially, this type of loans were granted only to companies engaged in trade, production, services, freight and hotel business. The program's goal is to support projects designed to reduce energy use and increase thermal insulation. In January 2020, ARARATBANK has expanded the list of beneficiaries involving also other business entities and private entrepreneurs, engaged in agriculture," said Atovmyan.
According to the senior analyst, the expansion of the circle of beneficiaries became possible after the renewal of the agreement with the German bank KfW under the program "Energy Efficiency for SMEs".
She said the German bank's analysts examined the needs of the Armenian market and came to the conclusion that it is necessary to provide green lending to the agricultural sector as well. Now, agricultural companies and private entrepreneurs can seek loans to build greenhouses, improve infrastructures in order to reduce costs and provide a temperature background ", she said.
Anna Atovmyan said the reason why KfW is paying more attention to this industry is the increased investor interest in Armenia's agricultural sector.
Loans are provided in Armenian drams from one to 500 million drams with a nominal annual interest rate of 10% for a period of up to 5 years. The bank does not charge for the preparation of a loan package and services.
She said the bank is ready to provide loans up to one billion drams for projects, which can have a significant positive impact on the Armenian economy. A key condition for granting a loan, however, is a clean banking history, stable income, and the value of secured real estate, cars or equipment.
"In some cases, ARARARTBANK is ready to provide benefits both in terms of monthly payments and in full repayment of the loan," she said.
Araratbank OJSC is one of the leading Armenian bank, providing the latest and highest quality banking services to both individuals and legal entities. It runs 61 branches throughout the country. The bank cooperates with 14 international financial organizations. ($1 - 479.6 drams). -0-
