U.S. GOVERNMENT PROVIDES 50 TRACTORS TO ARMENIAN FARMERS

/ARKA/
April 22, 2010
YEREVAN

YEREVAN, April 22. /ARKA/. The U.S. Government’s total investment in
the agricultural and water sector in Armenia through the Millennium
Challenges Account (MCA) -Armenia Program will amount to about $180
million by the time the program ends in September 2011, the U.S.
embassy in Armenia said today in a pres release.

It said on April 22 Dmitrov community in Ararat marz became the
site for signing leasing agreements by farmers who took possession
of 50 tractors. The occasion was made possible by Farm Credit Armenia
(FCA), one of the ten credit providers involved in Millennium Challenge
Account – Armenia’s (MCA-Armenia) farm credit program.

The event was kicked off by U.S. Ambassador Marie L. Yovanovitch
who highlighted FCA’s role in MCA-Armenia’s credit program. "This
USDA-established lender has become an important player in agriculture
financing through its own resources and MCA-Armenia funds, thereby
insuring the sustainability of U.S. government assistance in the
field of agriculture,’ she said.

Farm Credit Armenia, together with nine other financial institutions,
has been selected to help disburse $8.5 million in loans for
farming and irrigation technologies, greenhouses, cooling facilities,
establishment of fruit tree orchards, processing and other activities
that promote the objectives of the MCA-Armenia program. Equipment
leasing is another essential aspect of agricultural financing that
makes state-of-the art tractors and heavy machinery available to
Armenian farmers. Farm Credit Armenia is one of the pioneers in
introducing agricultural machinery leasing to Armenia and has acquired
50 tractors through MCA-Armenia’s funding.

Overall, since 2007, MCA-Armenia has disbursed about $7.3 million to
633 borrowers.