CEO/President's and Board Chairman's Message


Dear Member-Sհareholders,

Having adopted the best practices of the US Farm Credit System and developing them in the conditions of Armenian reality, “Farm Credit Armenia” credit cooperative has managed to establish itself and seize its unique place in the sector of lending to agriculture and small and medium businesses in the Republic of Armenia over the past ten years.

The above-mentioned ten years were not easily passed through, although overcoming the obstacles, we have grown stronger, more persistent and goal-oriented. Undoubtedly, it was difficult to be established and grow against the strict competition existing at the Armenian financial market, however, due to the cooperative and unison endeavors of our team we are well-established, self-sufficient and self-consistent.

There were many who were skeptical upon the settlement of “Farm Credit”. Our launch time was during the period of the global financial crisis, hence, nobody was able to cast any forecast on our future, instead, we managed to successfully overcome the time trial we were confronted with.
Our cooperative was established by farmers and for farmers, and its founders were guided by the slogan “Cooperation for the Benefit of All”, for the welfare of hard-working, creative people. Adhering tо our adopted values and vision, we kept introducing consistently the principles of cooperative lending, thus offering affordable credit services based on those principles.

It is worth mentioning the collaborative work of the Board of Directors and the executive body in establishment and management of the organization. According to our Charter, each region has one elected representative in the Board of Directors and they jointly discuss and adopt the strategic objectives of the organization.
We share the great responsibility born by the Board of Directors and the executive managers in making strategic and tactical decisions related to the activity of the organization. Our united team tries to face the challenges arisen from our history to be specific, to make stronger and develop the first and the only credit cooperative established in the Republic of Armenia.

In our structure, we are essentially different from other credit organizations; regardless of the share amount, each participant has one vote. “Farm Credit” is not only a lender for our member-shareholders. By joining our institution, they become its owners, instilling their share in the capital of the cooperative and acquiring all rights and obligations defined by the charter.
Each of them, with their shareholding, contributes to the development and progress of our country, creating an opportunity for other people to also be granted a loan. We can assure that the Board of Directors selected from the shareholders is guided solely by the interests of the member-shareholders of the organization jointly with the staff while performing its activities.

With the lapse of time, “Farm Credit” can become a unique national cooperative institution being transformed into a people’s cooperative bank.
We express our gratitude to all the international and local partner institutions, the Central Bank of Armenia and the German-Armenian Fund, which have always been supporting us during these years.
We also express our gratitude to the member-shareholders of our cooperative, our staff, all members of the Board of Directors as without their cherished efforts it would not have been possible to successfully cross the ten-year trajectory.

Dear member-shareholders,

Today, ten years later, we take a look at the way we have passed and proudly state that the progress of “Farm Credit Armenia” credit cooperative is unfailing.
We keep leading our cooperative forward through confident, steady and reasonable steps, for the benefit of people living in rural communities, small and medium business owners, and all our shareholders.
Our doors remain open for all our compatriots who contribute to the strengthening of our country by their everyday hard and fair work.