Deputy Minister of Agriculture Robert Makaryan, Head of Credit Department of Rural Finance Facility Development Office of the RA Government Staff Andranik Mkrtchyan and Converse Bank Corporate Business Director Rostom Badalyan today signed a trilateral memorandum on "The Agricultural Credit Rates Subsidy Program" within the framework of the project.

"Converse Bank is the sixth financial institution that joined this project. During the implementation of the program, 1534 credits were provided at the amount of AMD 6.9 billion," said Deputy Minister of Agriculture Robert Makaryan.

The deputy minister also added that within the framework of the project about 224 training courses were organized for the potential beneficiaries in the regional development fund, more than 5,300 participants received certificates.

According to Rostom Badalyan, Corporate Banking Director of Converse Bank, the signing of a memorandum will allow small farmers to obtain agricultural machinery on favorable terms, which will contribute to the further development of agriculture. "There is a demand, we already have corresponding signals from small farms," ​​he said.

Under loan interest rates subsidy, beneficiaries are provided with 3-10 million drams, 5% interest rate loans per year, interest rates for borderline communities and agricultural cooperatives receiving social support amounts to 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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