Address by Board Chairman Seryozha Hayrapetyan on the Occasion of "Farm Credit Armenia" Seventh Anniversary


“Farm Credit Armenia” credit cooperative is already marking its seventh anniversary and today, assessing its role in the improvement of life conditions in the rural areas of Armenia, its work can really be considered effective and profitable. In February 2007, during the founding meeting 57 members from 5 marzes elected the board members, the president, as well as the executive body of the organization. Already in September, 2007 the Central Bank of the Republic of Armenia registered it as a universal credit organization commercial cooperative, which by its nature is still a unique one in Armenia. The expansion of the scope of activities of “Farm Credit Armenia” was greatly determined by the group work of the board members, as well as “RuralCope” Support Foundation. The Board of Directors, the members of which are representing the marzes of the Republic, is engaged with agricultural sector and is in everyday contact with the farmers, at the same time implementing the principles of “Farm Credit Armenia” slogan - “Cooperation for the Benefit of all”. 
The organization’s road in the financial market was full of challenges and obstacles. The competition with more than 30 credit organizations and more than 20 banks has continuously dictated “Farm Credit Armenia” to seek for contemporary and more flexible working methods in order to maintain the trust of its borrowers. During the last seven years, the activities of the board have been aimed at the consistent implementation and observance of the cooperative principle – continuous improvement of the mechanisms of providing affordable financial services, realistic assessment of the opportunities and risks of farming, contribution to the spread of international experience of agro-business and useful methods of corporate governance.
Of course, the organization would not be able to realize these goals if not the continuous contacts with the foreign experts specializing in agro-business; periodic monitoring and analysis of the situation in regional communities, as well as the insurance of publicity and campaign through its own media - “Farm Credit Armenia” webpage, and “RuralCope” Newsletter. In May-June this year, general annual meeting of “Farm Credit Armenia” elected new board members, as well as clarified long-term plans of the organization. This year a new branch in Artashat, and a representation in Sisian were opened, a significant increase of the number of shareholders has been observed.
On behalf of the members of the board, I would like to congratulate our shareholders on the occasion of the seventh anniversary of “Farm Credit Armenia”. I would like to particularly stress the united and effective team work of our cooperative led by the Chief Executive Officer/President Mr. Armen Gabrielyan.
I am confident, that we will further continue our reliable road.
Seryozha Hayrapetyan
Board Chairman

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