YEREVAN, June 20. /ARKA/. A total of 18 billion drams have been set aside by the government for subsidizing loans provided by a set of Armenian banks to processing companies for the purchase of agricultural produces in 2018, the Agriculture Ministry said on Wednesday.

As part of this government-designed program, up to 9% of a loan, issued at 12%, may be subsidized, reducing the annual interest rate for the borrower to 3%.

"Loans subject to subsidization under the program are intended solely for payment of the cost of purchased produces," the ministry said.

Twelve banks have already agreed to participate in the program – they are ACBA-CREDIT AGRICOLE BANK, Ameriabank, Araratbank, Ardshinbank, ArmSwissbank, Inecobank, Armbusinessbank, Armeconombank, Evocabank, Byblos Bank Armenia, VTB Bank (Armenia) and three credit institutions - Development and Investment Corporation Armenia, Farm Credit Armenia and CARD Agrocredit.

As of June 19, 13 companies submitted applications to the tune of more than 3 billion drams. All were approved by the ministry.

As of March 31, commercial banks approved two applications to the tune of 489 million drams, the rest of applications are under consideration, the ministry said. ($ 1 - 482.02 drams). --0--