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Armenian agriculture set to receive $10m loans in 2005

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  • Armenian agriculture set to receive $10m loans in 2005

    ArmenPress
    July 6 2004

    ARMENIAN AGRICULTURE SET TO RECEIVE $10 MILLION LOANS IN 2005

    YEREVAN, JULY 6, ARMENPRESS: Agricultural minister David Lokian
    said last week the government is set to receive two new credits in
    2005 to direct them to agric lure development. The main components of
    the credits, according to the minister, are leasing of technologies
    and machine building.
    The minister said the government will provide 25-50 percent loan
    guarantees to farmers in order to ensure collaterals for small and
    medium- sized enterprises dealing with agriculture. He also said new
    loans will be made available at lower interest rates. "President
    Kocharian has directly instructed the Central bank and the ministry
    that the interest rates must not exceed 10 percent," the minister
    said, adding that this issue must be also reconciled with World Bank.
    A World bank representative in Armenia said the anticipated amount
    of loans is approximately $10 million.
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