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.