MCA-Armenia to allocate USD 8.5 million to banks and credit companies
Millennium Challenges foundation has signed agreements with banks and credit companies for providing loans to rural beneficiaries, MCA press service reports.
According to the report, the foundation will allocate a sum of USD 8.5 million for the term of 7 years, establishing a 12% interest rate for Ameriabank, Ardshininvestbank, Converse Bank and Armbusinessbank CJSCs as well as several credit companies including Aniv UCO LLC, Farm Credit Armenia, Nor Horizon UCO LLC, CARD AgroCredit UCO CJSC and SEF International Credit Organization" LLC.
The foundation loans will help rural population enlarge agricultural production and apply effective technologies. The loans provided only to rural population are aimed at boosting agricultural production, modernizing and procuring equipment, increasing the number of agricultural lands and vineyards, acquiring saplings, as well as supporting marketing development.
The agreements were signed by MCA-Armenia General Executive Director Ara Hovsepyan and Heads of above-mentioned companies.
The credit component forms part Water-to-Market project providing beneficiaries with knowledge on technologies, and envisaging loans and technical cooperation for relevant financial institutions.
According to the report, the foundation will allocate a sum of USD 8.5 million for the term of 7 years, establishing a 12% interest rate for Ameriabank, Ardshininvestbank, Converse Bank and Armbusinessbank CJSCs as well as several credit companies including Aniv UCO LLC, Farm Credit Armenia, Nor Horizon UCO LLC, CARD AgroCredit UCO CJSC and SEF International Credit Organization" LLC.
The foundation loans will help rural population enlarge agricultural production and apply effective technologies. The loans provided only to rural population are aimed at boosting agricultural production, modernizing and procuring equipment, increasing the number of agricultural lands and vineyards, acquiring saplings, as well as supporting marketing development.
The agreements were signed by MCA-Armenia General Executive Director Ara Hovsepyan and Heads of above-mentioned companies.
The credit component forms part Water-to-Market project providing beneficiaries with knowledge on technologies, and envisaging loans and technical cooperation for relevant financial institutions.
