Farm Credit Armenia Credit Cooperative (FCA) and German Bank im Bistum Essen eG have started cooperation by signing loan agreement for USD 2 million.
The loan facility is provided for 3 years of maturity. The cooperative will direct the resources to finance agriculture and SMS loans to farmers and processors, as well as to provide leasing of agriculture and other type of machinery.
The international cooperation expansion of the credit cooperative, especially in the last two years full of obstacles, speaks of the stability of Farm Credit and the ability to face external challenges.
FCA is the only cooperative credit structure operating in the Republic of Armenia, which functions mainly in the regions of the country, providing loans exclusively to the real sector of the economy. From the very beginning, FCA has adopted the corporate governance principles, and with its mission contributes to the development of cooperative culture. The cooperative was founded in 2007 by 57 farmers and now has 9,700 members. The total capital of the credit cooperative is about 2.2 billion AMD, and the assets are about 14.6 billion AMD.