RA Deputy Minister of Agriculture Robert Makaryan, Acting Director of Rural Finance Facility for Rural Areas Implementation Office Vahe Harutyunyan and Deputy Chief Executive Officer of "Kamurj" UCO Arpine Arshakyan signed a memorandum for implementation of agricultural loans' interest rate subsidy program.

" Kamurj " UCO is the 4th financial institution that has expressed a desire to join the project. Negotiations are also underway with other organizations. The more financial institutions join the program, the greater competition will be, and the farmers will be able to choose their partner structure, "said Robert Makaryan.

The Deputy Minister added that certification courses are being actively implemented in the provinces, 1600 farmers have been certified, and there are already borrowers.

Vahe Harutyunyan, in his turn, added that the raising of the loan threshold allows farmers to capitalize and develop their economies more rapidly, and involvement of many financial structures in the project makes it possible to extend the geographical area, making the loan product more accessible to rural households.

Arpine Arshakyan noted that "Kamurj" UCO has offices in all provinces of the republic, and farms who received certificates can now apply for subsidized loans. "Agricultural crediting is not a new step for us. We are also joining this program so that we can serve even better ones, "said the" Kamurj "representative.

Within the framework of the program farms are provided with 3-10 million drams, 5% interest rate loans per annum, interest rate for borderline communities and agricultural cooperatives receiving social support amounts to only 3%. Potential beneficiaries must apply for mandatory training at the Regional Development Fund's regional structures and receive a certificate that will allow them to apply to financial institutions.

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