“Farm Credit Armenia” Celebrates its 5th Anniversary

2012-09-19

On September 18, 2012 “Farm Credit Armenia” UCO CC celebrated its fifth anniversary in Komitas Chamber Music Hall. Among the special guests of the celebration there were: US Deputy Chief of Mission Bruce Donahue, Development Resource Specialist at USDA FAS Lawrence Barbieri, FCA former US advisor Douglas Flory, as well as representatives from RA ministries, Central Bank, local and international organizations, CEOs of credit organizations, other officials, FCA Board members and about 200 FCA member-borrowers.
In his welcoming speech “Farm Credit Armenia” CEO Armen Gabrielyan welcomed all the guests and congratulated on this special event. He thanked US Embassy in Armenia, USDA, Farm Credit System, Farm Credit Administration, RA Central Bank and partner organizations for their trust and support to “Farm Credit Armenia”, FCA member-borrowers, board members, and staff without the concerted efforts of whom the success would not be possible. Mr. Gabrielyan also stated that the organization was established by 57 members, this number at present time is about 2000, total assets more than 4 billion AMD, equity capital is 777 mln AMD.
Mr. Gabrielyan’s speech was followed by welcoming remarks made by RA Central Bank Board member Armenak Darbinyan who congratulated all the attendees in the name of RA Central Bank and noted that FCA is one of the unique financial institutions that has sound portfolio, loan repayment is about 100% which indicates high level of credit risk management. At the end of the speech Mr. Darbinyan expressed hope that “Farm Credit Armenia” will continue its effective work and thanked for its contribution to RA financial system and economic development.
In his speech US Deputy Chief of Mission Bruce Donahue said that it was great honor for him to participate at FCA 5th anniversary and noted that “Farm Credit Armenia” is a very successful USDA project based on US Farm Credit model and following the principles according to which the borrowers of the organization are also its members and shareholders having equal vote on making decisions. Mr. Donahue noted that FCA was the only in the country to use the cooperative model and expressed hope that the five years collaboration between US Embassy and FCA will be continuous and take the cooperation to a higher level.
Development Resource Specialist at USDA FAS Lawrence Barbieri welcomed and congratulated all the guests and mentioned that it was great pleasure for him to assist in realization of FCA program. Mr. Barbieri mentioned that he was involved in the initial project approval and helped to start the project. He is very pleased that FCA is progressing very well.
FCA Board member Rafik Ohanyan congratulates the attendees on this occasion and said that 5 years history is a small biography for such organization and noted that farmers from Tavush region has enlarged their farms and businesses by loans and leases issued by FCA the latter being the organization of Armenian farmers, founded by them and serving their needs.
FCA advisor and former Farm Credit Administration Board member Douglas L. Flory stated that he was fortunate enough to live in Armenia from late 2008 through early 2010 educating, assisting and advising as the infant financial institution began assisting farmers in enhancing and increasing their farm operations to provide for a better living for their families. Mr. Flory added that FCA has been and will continue to be successful helping Armenia’s rural families provide for better lives for their families while strengthening rural villages and towns in Armenia. He brought congratulations from the US Farm Credit Administration and the US Farm Credit System who provided technical and educational support to FCA.
The speeches were followed by MOU signing ceremony between “Farm Credit Armenia” and Dutch PUM organization whereby the latter will provide agricultural advice to Armenian farmers. The agreement was signed by “Farm Credit Armenia” CEO Armen Gabrielyan and head of the Caucasus region of PUM Luit Kelfkens.
Afterwards, the guests had an opportunity to watch thirty-minute film about FCA, its inception, history, achievements. After the end of film screening, a banquet was held to mark this special occasion.

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