Government earmarks 18 billion drams as loans for processing companies
26.07.2017,
16:56
Armenia’s deputy minister of agriculture Robert Makaryan said today that the government is going to approve in August an 18 billion drams worth program designed to support local agricultural processing companies in purchasing of agricultural produces.
YEREVAN, July 26. /ARKA/. Armenia’s deputy minister of agriculture Robert Makaryan said today that the government is going to approve in August an 18 billion drams worth program designed to support local agricultural processing companies in purchasing of agricultural produces.
Speaking to a news conference he said many local processing companies encounter difficulties in paying farmers for their produces. According to him, the money will be provided to processing companies as short-term loans with 12-month repayment period at 3% interest rate.
"In fact, farmers will be paid immediately for their produces. This will allow processing companies to work without accumulating arrears," Makaryan said.
The deputy minister said 2.4 billion drams of that amount will be spent this year as part of a pilot project for the purchase of grapes and horticultural crops. In the future the program will be extended to all types of agricultural produces. ($ 1 - 478.83 drams). --0--
Speaking to a news conference he said many local processing companies encounter difficulties in paying farmers for their produces. According to him, the money will be provided to processing companies as short-term loans with 12-month repayment period at 3% interest rate.
"In fact, farmers will be paid immediately for their produces. This will allow processing companies to work without accumulating arrears," Makaryan said.
The deputy minister said 2.4 billion drams of that amount will be spent this year as part of a pilot project for the purchase of grapes and horticultural crops. In the future the program will be extended to all types of agricultural produces. ($ 1 - 478.83 drams). --0--
