U.S. Farm Credit Administration Chairman and CEO Lee Strom visited Farm Credit Armenia UCO CC

2009-10-05

Mr. Strom and FCA CEO Mr. Armen Gabrielyan had a meeting with Chairman of Central Bank of Armenia Arthur Javadyan, Central Bank board members and senior staff. During that meeting the officials discussed the role of Farm Credit Armenia in the development of agriculture in Armenia, the impact of financial-economic crisis on both U.S. and Armenia’s economies and the lessons learned. Mr. Strom introduced how important the role of U.S. Farm Credit System was for the U.S. at the beginning of the 20th century; he told that Farm Credit Armenia would definitely play the same role for the agriculture of Armenia.

During his stay Mr. Strom and Mr. Gabrielyan also had a meeting with the Minister of Agriculture of Armenia Mr. Gerasim Alaverdyan. Mr. Strom and Mr. Alaverdyan discussed the issues Armenian farmers encounter and the actions Armenian government takes to improve the economic and social conditions in the villages of Armenia. Introducing the role U.S. Farm Credit System for U.S. economy Mr. Strom expressed his confidence that Farm Credit Armenia could be an excellent partner for the Armenian government in the process of supporting the economic development of Armenian agriculture.

Mr. Strom also visited 8 member-borrowers of Farm Credit Armenia: a fruit drying factory, three wineries, vineyards, orchards, a fish breeding and growing operation and other agribusinesses and farms. He was very impressed by the working culture of Armenian farmers.

Mr. Strom was present at the ceremony of our leasing product launch in village Areni in Vayots Dzor, where Farm Credit Armenia’s CEO signed the stock certificate and the lease agreement with the first member who leased a tractor. Chairman Strom also drove the tractor and commented “these are nice handling tractors and should be what most Armenian farms and agribusiness need to increase their efficiency”.

Chairman Strom lectured to a class of Finance Banking College students on Friday, October 2, 2009 while visiting Armenia. Chairman Strom spoke to the students about the history of the U.S. Farm Credit System (FCS) and its regulator the Farm Credit Administration (FCA). He also spoke about the beginnings of FCA and its role in the safety and soundness of the FCS. Farm Credit Armenia (FC) is patterned after the very successful cooperative FCS in the U.S which is almost 100 years of age.

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