VOLUME OF AGRICULTURAL LOANS DOUBLES IN GEGHARKUNIK MARZ

Noyan Tapan
Mar 13 2006

GEGHARKUNIK, MARCH 13, NOYAN TAPAN. The volume of agricultural loans
has doubled in Gegharkunik marz. Andranik Hakobian, Director of ACBA
Bank Gegharkunik Branch, told NT correspondent that in 2004, credits
of the total amount of 1.8 mln USD were provided to 1,400 borrowers,
whereas these indices made 3.7 mln USD and 3,360 borrowers last
year. According to A. Hakobian, small farmers that take loans of up
to 3,000 USD make up 60% of the borrowers. About 20% use loans of up
to 30 thousand USD, and several big farms – up to 150 thousand USD. It
was noted that now all the communities of Gegharkunik marz make use of
the credit services of ACBA Bank, with 100% of the loans being repaid.

The total amount of farm crediting is expected to reach 5 mln USD
this year.