YEREVAN, October 27. / ARKA /. Armenia-based Anelik Bank has announced today a new lending tool designed specifically for farmers as part of two credit programs - "Rural Financial Structure" and "Millennium Challenges."

The Bank said in a press release that the lending will be provided for capital expenditures, acquisition of seeds, as well as for increasing working assets.

Loans under the "Millennium Challenges" program up to 20 million drams with the maturity period of 5 years and 12% interest rate will be provided for capital investment or purchase of seeds.

Loans under the «Rural Financial Structure’ program up to $150,000 or the equivalent in drams, will be provided to farms that seek to make capital investments or replenish their working capital

"Agriculture is one of the most important and priority sectors of the Armenian economy. This is the reason  why Anelik Bank uses all available means to help this  sector’s development", a press officer of the Bank, Astghik Martirosyan is quoted as saying in the press release.

Martirosyan recalled that Anelik Bank also provides three types of loans to individual farmers -mortgage loans, as well as loans secured by guarantees and  gold.

Anelik Bank was founded in 1990. Now it is wholly owned by Lebanese Credit Bank SAL. ($ 1 - 470.74 drams) .- 0-