Yerevan, October 25 /Mediamax/. “Converse Bank” took up the realization of a new credit program “Development of villages: availability of financial recourses”, directed to the development of farming and rural economy in Armenia.

As Mediamax was told in the Marketing Department of “Converse Bank” today, the crediting will be realized by means of establishing credit cooperatives, the members of which will bear joint responsibility for the credit means.

The program will provide:

- Short-term credits for replenishment of circulating assets (maximum term of the credit – 3 years, annual interest rate – starting from 16%);

- Investment credits (maximum term of the credit – 5 years, annual interest rate - starting from 14%).

In both cases the maximum sum of the credit will be estimated in fourfold volume of the authorized capital stock of the cooperative, however, in case of the first crediting, it should not exceed the volume of 8,5mln drams. The credits will be secured by the property of the cooperative, guaranties from the part of the members of the cooperative, other material and non-material valuables.