“Farm Credit Armenia” UCO CC Second Annual Shareholders’ Meeting was held on the 23rd of January 2009. Of the 95 borrower/members of Farm Credit Armenia (FCA) 65 were in attendance. United States Department of Agriculture (USDA) Coordinator in Armenia and Georgia Sean Carmody was one of the special guests attending and participating in the meeting.

During the meeting member/borrowers were presented reports about the 2008 operating year of FCA.

Chief Executive Officer of FCA Armen Gabrielyan reported that the organization’s number one task is to attract financial resources to make FCA sustainable in the future and to help meet the credit needs of rural Armenia. Much work is being done with international organizations as well as with local and international investor/grantors in accomplishing the task.

Mr. Gabrielyan noted that one of the major achievements of FCA in 2008 was its participation in the MCA-Armenia first Water-to-Market Credit Program. FCA was allocated 300,000 USD by MCA-Armenia to loan to eligible farmers and agribusiness.

Currently the credit portfolio of the organization is approximately 600,000 USD. Of the 54 customer/members who have loans with FCA in 6 marzes of the RA 45 of those loans were made for agricultural purposes and 9 loans for agribusiness purposes. The organization enjoys 100% repayment of credits; “Farm Credit Armenia does not have a single overdue credit”, A. Gabrielyan stated in his report.

Armen Gabrielyan also stressed USDA’s strong support in the establishment of FCA.  He also asked Sean Carmody for  USDA’s continued support for the next three years as FCA becomes self sufficient.

During his remarks Sean Carmody gave a high praises for the work FCA has done in becoming established as a cooperative and providing needed loans to farmers (agriculture) and agribusinesses and expressed his hope that Farm Credit Armenia will continue to be very successful in future.