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.