YEREVAN, November 9. /ARKA/. The Kamurj credit organization has joined an Armenian government’s program designed to provide subsidized agricultural loans, the ministry of agriculture said.

The program was adopted on April 1, 2011. According to the ministry, in 2011-2016 Armenian farmers received a total of 99.1 billion drams worth loans at subsidized rates. Overall, during that time span the farmers were granted 119,400 loans at subsidized interest rates.

The beneficiaries of the program are provided with loans in the amount of 3-10 million drams at 5% interest rate. The interest rate for farmers in border villages is 3% per annum. To participate in the program farmers need to have a compulsory course provided by the Agricultural Development Fund and receive certificates.

Deputy minister of agriculture Robert Makaryan said Kamurj is the fourth credit organization that has joined the program. Makaryan noted also that 1,600 farmers received certificates and many of them are already using credit resources.

Kamurj is one of the largest credit organizations operating in Armenia. It was founded by a charitable foundation for the development of micro business in 2010. In February 2012 it was reorganized into Kamurj cjsc. -0-