Converse Bank has started issuing agricultural loans under state subsidy.

The bank signed corresponding memorandums with the Ministry of Agriculture and the Rural Areas Economic Development Programmes Implementation Unit on February 7.

“Financing of SMEs in Armenia, including those in the agricultural sector, is one of the priorities of Converse Bank. This cooperation enables Converse Bank to expand the list of offered products and make financing maximally affordable for the beneficiaries. Namely, within the framework of cooperation, the bank’s existing and new customers can obtain loans for installation of hail protection netting and drip irrigation systems and establishment of intensive orchards at up to 5% annual interest rate,” said Rostom Badalyan, Corporate Business Director of Converse Bank.

He added that different types of the new loan are already available at all branches of the bank.

Within the framework of the projects, loans will be provided to private individuals and legal entities, including cooperatives and private entrepreneurs.