ACBA-Credit Agricole Bank signed trilateral memorandum with the UN Development Program in Armenia and the "National Platform for Disaster Risk Reduction" (ARNAP) Fund.
Memorandum states that the parties jointly will mitigate the effects of the hail on agricultural sector in Armenia.
ACBA-CREDIT AGRICOLE offers farmers loans with from 12.5% annual interest rate and up to 7 years of repayment period. In turn, UN Development Program Office will provide 20% grant contribution to farmers who will get a loan for protection networks from hail.
During the project ARNAP Fund will provide advices to farmers and teach how to maintain protection systems, use and will help with network's installation process.
"The most important goal is to design and develop farms, help protect agriculture from natural disasters. Since the establishment, the bank is next to the farmers becoming their main supporter. Despite the fact that the bank is profit organization, not only the funds that we provided to customers. During the twenty years we transfer to our partners knowledge and skills always being innovative, "said the CEO of ACBA-Credit Agricole Bank Hakob Andreasyan.
Studies have shown that about 4-5% of agricultural crop is destroyed because of hail that measured around 16-20 billion AMD annually. Seven of 10 regions in Armenia are in the danger of hail.

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