The Executive Director of the Armenian Agricultural Development Foundation, Gegham Gevorgyan, and Deputy Chief Executive Officer of ACBA-CREDIT AGRICOLE BANK, Norik Nazaryan, signed today a memorandum on cooperation within the framework of “Subsidizing the interest rates for agriculture” program.

In order to provide subsidized loans, the foundation organizes training courses for businesses and provides certificates.

"Under the memorandum ACBA-CREDIT AGRICOLE BANK will assist the Agricultural Development Foundation in organizing financial literacy courses, so that, we will have financially more literate farmers, which is important for both us and financial institutions," mentioned the Executive Director of the Armenian Agricultural Development Foundation, Gegham Gevorgyan. He also noted that the training of farmers within the framework of the project is carried out in the regions, the trainings take 5 days and 5,000 applicants have already applied for the program.

"This year, in partnership with the foundation, we have trained about 1,300 farmers during financial literacy trainings within the framework of the program of agricultural loans subsidizing. We will try to teach farmers participating in the program to better manage their cash flows and to work more efficiently in agriculture, " said Norik Nazaryan.

As already announced under the interest rate subsidy program the beneficiaries are provided with 3-10 million AMD loans with 5% interest rate per annum, and the interest rate for borderline communities and agricultural cooperatives receiving social support is 3%. Potential beneficiaries must apply for mandatory training at the Agricultural Development Foundation's regional structures and receive a certificate that will allow them to apply to financial institutions.