Ardshininvestbank first to sign agreement on agricultural lending at subsidized interest rates

13.05.2011 21:12
Ardshininvestbank first to sign agreement on agricultural lending at subsidized interest rates

YEREVAN, May 13. / ARKA /. Ardshininvestbank is the first Armenian bank to have signed an agreement with the ministry of agriculture to participate in a government-designed agricultural lending program at subsidized interest rates, the bank’s press service told ARKA news agency. According to the report, to date it has provided 11 loans worth a total of 8 million drams. Ardshininvestbank provides loans at 14% interest rate and depending on the region from 4% to 6% are subsided by the government.

Credits will be issued to rural households for the purchase of seeds, grains, vegetables, melons and potato production, as well as for gardening and livestock activities, purchase of new agricultural machinery and for other agricultural work.

"Working towards development and expansion of retail banking services is one of our priorities. I think that the rating of a stable and reliable bank helped us engage in this program Participation in it will give us the opportunity to contribute to the initiative of the government aimed at developing rural enterprises and communities, " Karapet Gevorkian, acting chairman of the Board was quoted as saying.

The majority stake of 87.23% in Ardshininvestbank is owned by Business Investments Center, 10% is owned by the International Financial Corporation (IFC). The bank is an affiliated member ofMasterCard/Europay, and a shareholder in the Armenian Card payment system. It operates 49 branches in Armenia, six in Nagorno-Karabakh and has an office in Paris, France.

According to ARKA as of March 31, 2011 the bank's assets totaled about 128.5 billion drams, the liabilities - 98.5 billion drams, the total capital of the bank was about 30 billion drams, the share capital - 15,5 billion drams, the credit investments - 78.7 billion drams, the liabilities to clients - 76.3 billion drams, and the net profit for the first quarter of 2011 was 910.3 million drams growing by 24.4% over the same period of time last year.($ 1 - 373.38 AMD).  -0-

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