ARMINFO News Agency, Armenia Saturday In Gegharkunik, first station of agricultural machinery was launched within agrarian state program of subsidizing leasing framework Yerevan August 26 Naira Badalyan. On August 25, the first station of agricultural machinery was opened in Tsovak community of Gegharkunik region of Armenia within the framework of the program of state support for the provision of agricultural machinery in financial lease (leasing). Minister of Agriculture of Armenia Ignaty Arakelyan stated at the opening ceremony that the creation of such stations will increase the efficiency of agriculture. As the press service of the Ministry of Agriculture informs, the company "FIAR GROUP" founded the station, the equipment is provided to UCO "MSP Investments" CJSC, the supplier is "Hrashq Aigi" LLC. At the station there are 30 units of European modern agricultural machinery, including combine harvester and tractor, which will be provided to land users for rent for agricultural work. According to the minister, the implementation of such projects will have a long-term nature. The regional manager for the export line of the leading machine-building company "CLAAS" Thomas Shtigler noted the importance of the correct choice of agricultural machinery taking into account the specificity of the relief of Armenia. Earlier ArmInfo informed, starting from March 27, reception of applications for participation in the program on provision of agricultural machinery in leasing started in Armenia. According to the program approved by the Cabinet, farmers will be able to purchase agricultural equipment on the following conditions: advance payment - 20%, interest rate - 2% per annum, maturity - 3-10 years, depending on the type of equipment. Another 7% will be subsidized by the state. As a result, it is expected that in 2017 about 2.2 billion drams will be allocated for the purchase of agricultural machinery. Under this state program, it is possible to purchase tractors of different brands, combine harvesters, balers, seeders, plows, mowers, potato-sowers, potato diggers, cultivators, trucks, sprayers and other agricultural equipment. On May 18, at a meeting of the Cabinet of Ministers, a plan was approved for organizing a state-private machine and tractor station (MTS). As Ignaty Arakelyan noted, earlier, the department started accepting applications for participation in the program for the organization of the station. Only one company, Idas LLC, responded to the state's proposal. In this regard, the minister suggested 700 million drams from the government's reserve fund in the first half of 2017 for the implementation of the program and the purchase of the necessary agricultural machinery. The Ministry of Agriculture will provide this equipment on a gratuitous basis to the Agricultural Development Fund for further allocation to farmers. For their part, private traders will invest 242 million drams. After 4 years, the minister said, the funds will be returned with interest, in the amount of 926 million. According to the Financial Rating of Banks and Credit Companies of Armenia as of June 30, 2017, prepared by NA ArmInfo, the total volume of leasing operations amounted to 15.6 billion, the lion's share of which falls on ACBA Leasing - 12.3 billion drams. A year ago, as of June 30, 2016, the total volume of leasing operations was higher - 16.5 billion drams, of which ACBA Leasing accounted for 12.6 billion drams. As of January 1, 2017, the total volume of leasing operations was 16.7 bln drams, incl. ACBA Leasing - 13.1 billion drams. In 2016, the total volume of leasing operations grew by 10%, and only the ACBA Leasing portfolio increased by 11%. From Armenian banks, leasing operations are carried out by Ameriabank, Araratbank, Converse Bank and VTB Bank (Armenia), and there are three leasing companies - ACBA Leasing, Agroleasing and Unileasing. The volume of leasing operations ACBA Leasing is reflected in the consolidated balance sheet of ACBA-Credit Agricole.