Demand for agricultural loans is on the rise
20.12.2019,
11:14
The government of Armenia decided December 19 to release additionally 100 million to subsidize interest rates on agricultural loans.
YEREVAN, December 20. /ARKA/. The government of Armenia decided December 19 to release additionally 100 million to subsidize interest rates on agricultural loans.
Economy Minister Tigran Khachatryan said the government had originally planned to subsidize interest rates on as many as 5,094 loans worth AMD 21.7 billion, although some 8,280 applications worth AMD 32.8 billion had been received.
He said this in view the government decided to allocate part of funds (100 million drams) earmarked for other agricultural programs, as subsidies for interest rates on agricultural loans.
He said under this program farmers may apply for loans from 3 to 15 million drams. In particular, if the interest rate on a loan is 12%, the government will subsidize 7%. The interest rate on loans provided to residents of border villages will be nullified. The interest rate on loans provided to agricultural cooperatives subject to subsidizing is 9%.
The minister recalled that the government provides other agricultural tools as well designed to finance specific areas, for example, establishment of fruit gardens, but only farmers in Ararat Valley are eligible. ($1 - 477.89 drams). --0--
Economy Minister Tigran Khachatryan said the government had originally planned to subsidize interest rates on as many as 5,094 loans worth AMD 21.7 billion, although some 8,280 applications worth AMD 32.8 billion had been received.
He said this in view the government decided to allocate part of funds (100 million drams) earmarked for other agricultural programs, as subsidies for interest rates on agricultural loans.
He said under this program farmers may apply for loans from 3 to 15 million drams. In particular, if the interest rate on a loan is 12%, the government will subsidize 7%. The interest rate on loans provided to residents of border villages will be nullified. The interest rate on loans provided to agricultural cooperatives subject to subsidizing is 9%.
The minister recalled that the government provides other agricultural tools as well designed to finance specific areas, for example, establishment of fruit gardens, but only farmers in Ararat Valley are eligible. ($1 - 477.89 drams). --0--
