Executive Director of ProCredit Bank CJSC Bertold Hertzfeldt said that the current portfolio of the bank under the pilot program on agriculture crediting makes $2.5mln.

The agricultural field is among priorities of the bank, Hertzfeldt told a press conference in Yerevan on September 27. The program is implemented in Aragatsotn region and territories adjacent to Yerevan. Vanadzor and Gyumri are foreseen to be included in the program as well.

“We allocate agricultural loans at reasonable interest rates – 9.5% for USD loans and 14.5% for AMD loans,” he said.

For his part, Chairman of the Supervisory Board of ProCredit Bank CJSC Christoph Freytag said that this field is rather risky in Armenia, as loans are allocated for a long term and in national currency. Nevertheless, the bank intends to provide its clients with a transparent product.