YEREVAN. – A $300,000-assistance is needed in order for Armenia’s farmers to establish their own bank, Federation of Agricultural Associations (FAA) President Vardan Hambardzumyan told Armenian News-NEWS.am.   

In his words, the farming cooperatives will be the proprietors of such bank and its minimum percentage profit will be directed at covering the expenses and providing new funding. 

FAA provides loans to farmers at a ten-percent interest rate for the past several years. “But our inverse fund is limited, [and] therefore we are unable to provide loans to novice business, or for acquiring equipment,” Hambardzumyan noted.    

In addition, the Central Bank permit does not allow for providing of loans to farmers outside of FAA. 

“Now, we are attempting to find either an investor or a donor organization that could substantiate our proposal,” the Federation of Agricultural Associations President added.