Agreement Signed Between “Farm Credit Armenia” and “Rural Finance Facility” PIU

2012-10-04

On October 4, 2012 “Farm Credit Armenia” UCO CC and Rural Finance Facility Project Implementation Unit State Institution signed a credit agreement towards small and medium business development at FCA office.
“Farm Credit Armenia” UCO CC CEO Armen Gabrielyan stated in his speech that FCA has an extensive experience in small and medium agricultural business lending and has successfully allocated “MCA-Armenia” and the World Bank “Access to SME lending program financial resources and the agreement with RFF will allow to enlarge the organization’s lending capacities.
RFF coordinator Sergey Virabyan mentioned in his speech that Rural Finance Facility Project Implementation Unit State Institution has developed and implemented new financial mechanism for credit organizations and RFF expects qualified service from “Farm Credit Armenia”.
Rural Finance Facility Project Implementation Unit State Institution is an operationally and financially independent unit within the structures of Program Implementation Unit (PIU) of the Government.
The RFF was established in 2005 under the Rural Areas Economic Development Program (RAEDP) for the purpose of managing the RAEDP rural refinancing operations with banks and universal credit organizations (UCOs).Its aim is to contribute to development of agricultural activities in rural areas by making the financial resources more affordable for small and medium entrepreneurs.

At present time RFF functions are implemented within the frameworks of financial resources of IFAD and World Bank international Development Association. The total volume of agricultural financing by RFF from the above mentioned resources is more than 30 MUSD since its foundation, 1056 projects have been financed in all rural areas of Armenia.

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