YEREVAN, November 30. /ARKA/. UCO “Farm Credit Armenia” plans in 2012 to increase its credit portfolio and leasing operations to 70%, said General Director of Universal Credit Organization (UCO) Armenia Gabrielyan to ARKA News Agency.

As of October 31, 2011 total credit portfolio of Farm Credit Armenia (including leasing) was about 2.3 billion drams, number of implemented transactions – 1.054, and the number of clients as of the reporting date was 890.

Farm Credit Armenia is the only commercial cooperative in financial sphere of the country.
“Our organization provides credits for the development of agriculture and small and medium-sized business only in rural areas. In this sphere not all the banks and credit organizations are working”, said Gabrielyan.

He said that the conditions of credit products in Farm Credit Armenia (repayment dates, percent rate, repayment schedule, etc.) are rather competitive in the market of the given services. Gabrielyan mentioned the leading positions of the company in the provision of agricultural machinery and equipment by leasing.

“Farm Credit Armenia” was established in September 2007. According to the data of ARKA News Agency, as of September 30, 2011 assets of the company were 2.5 billion drams, liabilities - over 2 billion drams and total capital – 482 million drams.

According to the data of CBA, as of September 30, 2011 in Armenia 31 credit organizations (CO) with 70 branches are operating. Assets of COs in the nine months were 109.7 billion drams, capital – 42.5 billion drams and liabilities – 67.2 billion drams. ($1 – 382.74 drams). –0–