FCA CEO and Head of Planning and Analysis Department attended the 13th International Microfinance Annual Conference in Astana, Kazakhstan, May 26-28, 2010
Farm Credit Armenia (FCA) CEO Armen Gabrielyan and Head of Planning and Analysis Department Hayk Shekyan attended the 13th International Microfinance Annual Conference in Astana, Kazakhstan, May 26-28, 2010. The conference consisted of a series of seminars and plendary sessions, as well as an investor fair, under the theme of “Post-Crisis Microfinance: What is the responsible way forward?” The event brought together more than 400 delegates from 50 countries, among them representatives of MFIs (Microfinance Institutions), policy makers, investors, donors and experts. FCA representatives participated in seminars on risk management in microfinance as well as other plenary sessions. The investor fair was a unique opportunity for FCA representatives to meet with potential investors, many of whom were impressed by FCA’s dynamic development and interested in partnering with Farm Credit Armenia. As a result of negotiations during the Kazakhstan sessions, several preliminary agreements on further partnership plans were reached. As these partnerships develop, FCA will share this information with its members and other key audiences.
On May 4, 2010 Farm Credit Armenia UCO CC loan officers received graduation certificates after two months of training at the Finance Banking College Foundation.
On May 4, 2010 ceremony of issuing graduation certificates of two months training program to Farm Credit Armenia UCO CC loan officers took place at Finance Banking College Foundation. From November 2009 up to February 2010 at Finance Banking College Foundation two months training for Farm Credit Armenia UCO CC 14 loan officers was organized aiming at the expansion and enhancement of loan officers’ knowledge in RA Lending Legal Regulation, lending stages, creditworthiness evaluation, main economic normatives of RA banks and credit organizations, loans classification and reservation procedure, etc. The loan officers acquired both theoretical and practical knowledge and got high scores during the final tests. The director of Finance Banking College Foundation Armen Saroyan mentioned in his words of thanks: “The collaboration between Finance Banking College Foundation and Farm Credit Armenia UCO CC has begun since 2007, at the time when FCA was making its first steps in RA financial system and we are in firm belief that our cooperation will be longstanding”. The Chief Executive Officer of FCA Armen Gabrielyan expressed his acknowledgment to the teaching staff of Finance Banking College Foundation in the person of the director Armen Saroyan and emphasized the importance of the role the college plays in training and development of RA Financial system specialists. Armen Gabrielyan also expressed his hope that in the near future within the scope of Finance Banking College Foundation teaching programs the conception of Cooperatives will be taught to college students and on behalf of FCA expressed willingness to support in that process.
On April 22, 2010 a unique demonstration of tractors organized by Farm Credit Armenia (FC) took place on the farm of one of FC member-borrowers Henrik Yeghiazaryan. The field demonstration presented YTO tractors and other agricultural equipment. FC is one of the pioneers in introducing agricultural machinery leasing to Armenia with making state-of-the-art affordable tractors available to Armenian farmers. During the demonstration leasing agreements were signed with 7 FC member-borrowers, among them one female, who became the owners of these 7 much needed tractors of 50 imported from China’s YTO Group. The event was kicked off by Farm Credit Armenia CEO, Armen Gabrielyan expressing his gratitude to the U.S. Government represented by U.S. Ambassador in Armenia Marie L. Yovanovich and the Armenian office of United States Department of Agriculture (USDA) represented by Fred Johnston for their continual support and assistance. He also thanked the representative of Millennium Challenge Corporation (MCC) in Armenia Alex Russin and the director of Millennium Challenge Account-Armenia (MCA-Armenia) Ara Hovsepyan for their solid support. In her remarks Ambassador Marie Yovanivich highlighted Farm Credit Armenia’s role as one of the 10 credit providers involved in MCA-Armenia’s credit component and the only financial cooperative institution in Armenia, pointing that this USDA established UCO has become an important player in agriculture financing through its own resources and MCA-Armenia funds, thereby insuring the sustainability of U.S. Government assistance in the development of agriculture in Armenia. In his remarks the general manager of YTO Group Hai Hao Song presented the YTO GROUP, with its activities of market share and volume of tractors in society it is the leader in China. Mr. Song wished their collaboration and friendship with Farm Credit Armenia would be long standing. Mr. Song’s remarks were followed by the signing of a Memorandum of Understanding between the YTO Group and FC which will strengthen bilateral cooperation. Afterwards, the presenters had the opportunity to watch how the work and functions of the tractors performed in the open field. The enthusiasm and interest displayed by both the guests and the farmers encouraged the Farm Credit Armenia team to continue its activities for the benefit of rural Armenian.
On his first visit to Armenia, Paul J. Strasberg, program manager, Caucasus Agricultural Development Initiative at USDA FAS in Washington, D.C., visited FCA member-borrowers in Ararat and Vayots Dzor marzes.
Paul J. Strasberg, program manager for the Caucasus Agricultural Development Initiative (CADI) at the U.S. Department of Agriculture’s Foreign Agricultural Service in Washington, D.C., visited three FCA member-borrowers during a one-day tour to Ararat and Vayots Dzor marzes. The Feb. 15, 2010 farm stops were part of Strasberg’s first visit to Armenia.
His first visit was to the tomato growing operation in H. Hovhanisyan’s greenhouse in Avshar village. While visiting the farm, Strasberg learned about growing and harvesting tomatoes, as well as their marketing.
Strasberg’s second visit was to the Simonyan brothers’ dried fruit operation, winery, vineyards, and apricot and peach orchards in Areni village. He observed the fruit sun-drying set-up, toured the winery and saw the first tractor leased by FCA in September 2009 during a visit by Leland “Lee” Strom, Farm Credit Administration, Washington, D.C.
His last visit of the day was to Vayk city and the Vayq Group CJSC winery owned by Ashot Zakaryan. The company has its own wine factory, 430 square meters of wine cellars, storage areas. Vayq Group also has apricot, apple, plum, peach and cherry orchards. Much of the fruit is preserved in the company’s drying operations.
Strasberg said the tour was very educational and enjoyable. He now has a much better idea of FCA’s lending and leasing programs that aim to contribute to the development of rural Armenia.
Farm Credit Armenia UCO CC held its fourth annual meeting with over 90 member-borrowers attending on February 4, 2010. During the meeting, management of the cooperative reported on actual results and developments achieved during 2009. Mainly, FCA CEO Armen Gabrielyan announced that the cooperative’s capital increased by $471,000 USD through funds granted by the U.S. Embassy in Armenia. He said that 2009 was the first profitable year for FCA; the portfolio increased by nearly 3 times, and the number of member-borrowers more than doubled. FCA also launched a new financial leasing product which finances agricultural equipment and machinery. The CEO reported that FCA’s web site, in both Armenian and English, is now up to date, as directed by the Central Bank of Armenia.
Financial results of 2009 were presented to member-borrowers by the cooperative’s chief account. The COO of the cooperative reported on the developments and future plans of FCA. Meanwhile, member-borrowers voted for a number of important policies, procedures and decisions for FCA.
During the second part of the meeting, the member-borrowers elected board members. Three new members were elected were elected to the FCA board, and three current members were re-elected to the board. As of now, FCA has six board members, each representing one marz of FCA’s membership area. In addition, the board has an outside director, who is elected by the board. The three new board members are: Vahram Harutunyan, Sedrak Sedrakyan and Ashot Zakaryan.
Three policies about proper operations, reporting, and democratic control were adopted by Farm Credit’s shareholders at its fourth annual meeting. Specifically, an annual meeting policy, a board of directors’ policy, and a nominating committee policy were adopted. Shareholders also approved contracting with Baker Tilly Armenia for the 2010 and 2011 external audits. Members also received and approved a report from Baker Tilly Armenia on the 2008 audit reports. During Gabrielyan’s report, the shareholders passed a resolution authorizing the board of directors to prepare a resolution to the RA Government and others in support of FCA obtaining MCA-Armenia funds as capital.
U.S. Ambassador to Armenia Marie L. Yovanovich was a guest speaker, congratulating member-borrowers on their fourth anniversary. She urged them to use true co-ops like FCA to develop agriculture in Armenia.
“If you keep growing and operating successfully, you will be the model for true cooperatives in your country. I urge you – as owners, controllers and beneficiaries of your co-op – to support it and take an active role in its governance. Tell your story here and in the region. The Armenian farmers and agribusiness persons here today give me hope that rural Armenia will become more viable in the future,” said the ambassador.
The general meeting hosted a number of official guests: Fred Johnston, agricultural project coordinator for USDA Caucasus Agricultural Initiative (CADI); Central Bank representatives; and representatives from other cooperative associations; the State Agricultural University of Armenia and the mass media.
Farm Credit Armenia UCO CC is not responsible for the reliability and promptness of the content of Web sites mentioned here, for the advertisement placed on those Web sites, and any outcome of the usage of the information on those Web sites:
Farm Credit Armenia (FCA) CEO Armen Gabrielyan and Head of Planning and Analysis Department Hayk Shekyan attended the 13th International Microfinance Annual Conference in Astana, Kazakhstan, May 26-28, 2010. The conference consisted of a series of seminars and plendary sessions, as well as an investor fair, under the theme of “Post-Crisis Microfinance: What is the responsible way forward?”
On May 4, 2010 ceremony of issuing graduation certificates of two months training program to Farm Credit Armenia UCO CC loan officers took place at Finance Banking College Foundation.
On April 22, 2010 a unique demonstration of tractors organized by Farm Credit Armenia (FC) took place on the farm of one of FC member-borrowers Henrik Yeghiazaryan. The field demonstration presented YTO tractors and other agricultural equipment. FC is one of the pioneers in introducing agricultural machinery leasing to Armenia with making state-of-the-art affordable tractors available to Armenian farmers.
Armen Gabrielyan expressing his gratitude to the U.S. Government represented by U.S. Ambassador in Armenia Marie L. Yovanovich and the Armenian office of United States Department of Agriculture (USDA) represented by Fred Johnston for their continual support and assistance. He also thanked the representative of Millennium Challenge Corporation (MCC) in Armenia Alex Russin and the director of Millennium Challenge Account-Armenia (MCA-Armenia) Ara Hovsepyan for their solid support. In her remarks Ambassador Marie Yovanivich highlighted Farm Credit Armenia’s role as one of the 10 credit providers involved in MCA-Armenia’s credit component and the only financial cooperative institution in Armenia, pointing that this USDA established UCO has become an important player in agriculture financing through its own resources and MCA-Armenia funds, thereby insuring the sustainability of U.S. Government assistance in the development of agriculture in Armenia.
In his remarks the general manager of YTO Group Hai Hao Song presented the YTO GROUP, with its activities of market share and volume of tractors in society it is the leader in China. Mr. Song wished their collaboration and friendship with Farm Credit Armenia would be long standing. 
Paul J. Strasberg, program manager for the Caucasus Agricultural Development Initiative (CADI) at the U.S. Department of Agriculture’s Foreign Agricultural Service in Washington, D.C., visited three FCA member-borrowers during a one-day tour to Ararat and Vayots Dzor marzes. The Feb. 15, 2010 farm stops were part of Strasberg’s first visit to Armenia. 