“Farm Credit Armenia” UCO CC Holds its General Annual Shareholders’ Meeting

2011-03-18

On March 16, 2011 “Farm Credit Armenia” Universal Credit Organization Commercial Cooperative held its general annual shareholders’ meeting at “Moscow House” Business Centre.
Over 123 FCA member-borrowers out of 335 attended the meeting. RA Minister of Agriculture Sergo Karapetyan, Chairman of Union of Credit Organizations of RA Khoren Kerobyan, representatives from Central Bank of RA, US Department of Agriculture, Rural Support Regional Centers and other officials were among the guests.
In his welcoming speech “Farm Credit Armenia” UCO CC Chief Executive Officer Armen Gabrielyan mentioned that “Farm Credit Armenia” UCO CC is the only financial cooperative institution in Armenia the shareholders of which individuals, private entrepreneurs and SMEs involved in agricultural activities. In his speech he highlighted the main achievements of 2010, mainly: the involvement of FCA in “MCA-Armenia” “Water-to-Market” and World Bank’s “Access to SME Lending” Programs, starting operations in new marzes: Armavir and Aragatsotn, as well as he referred to the work plans for 2011.
In his speech the Minister of Agriculture Sergo Karapetyan emphasized the importance of “Farm Credit Armenia” in the sphere of agricultural lending by underlining that FCA is the only financial cooperative structure in Armenia. He also covered the issue of cooperatives the creation of which may play a vital role in the development of agriculture and reassured the meeting attendees to implement explanatory activities on cooperatives in their villages and communities by mentioning that all issues related to cooperatives will be a subject of public discussion.
The minister’s speech was followed by welcoming remarks made by Chairman of Union of Credit Organizations of RA Khoren Kerobyan. The latter mentioned that “Farm Credit Armenia” managed in a short period of time to find its unique place in the Armenian financial market and to attract lending resources involved in “MCA-Armenia” “Water-to-Market” and World Bank’s “Access to SME Lending” Programs.
Later short reports were presented by FCA Deputy CEO/Operating Officer Mushegh Petrosyan, FCA Chief Accountant Mesrob Avagyan, Director of “Baker Tilly Armenia” auditing company Parandzem Gevorgyan. The latter presented Independent Auditor’s Report for the year of 2009.
Afterwards, changes in several clauses of FCA Charter were presented to the approval of General Annual Shareholders’ Meeting which was followed by questions/answers format discussions upon which FCA board meeting was held at "Moscow House" Business Centre.

Following the day of Annual General Meeting, “Farm Credit Armenia” hosted the program manager of Caucasus Agricultural Development Initiative at USDA FAS Paul Strasberg and director of USDA Armenia Office Fred Johnston. A meeting was organized with them and FCA board members during which they discussed issues related to the corporate governance improvement, as well as financial assistance from USDA.

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