Yerevan /Mediamax/. “Cascade-Credit” universal credit organization and “Children of Armenia”## Fund (COAF) jointly realize a program of providing loans in six rural communities of Armenia’s Armavir marz.

Mediamax reports that the Head of COAF Board Garo Armen informed today that the program aims at increasing availability of loans in rural areas of Armenia and developing agriculture.

Chief Executive Officer of “Cascade capital Holdings” Jonathan Stark informed that the cooperation with COAF in the sphere of providing loans in villages started a year ago and stressed the importance of preliminary consideration of loan application, realized by the Fund, and the further monitoring of the provided loans.

The sides informed that representation meetings were organized in six rural communities of Armavir marz, during which the terms of the loan program were presented and 370 applications were received, 46 of which are already met. At present, the volume of loans provided has already made 85mln 176 thousand drams.

“Cascade-Credit” offered the villagers loans at the sum of 1-15mln drams, with the repayment term of 6-84 months and the annual interest rate starting from 12% for the development of live farming, agriculture, as well as purchasing and renovating agricultural equipment. Besides, the COAF and “Cascade Credit” offer agricultural leasing at the sum of 1,5-350mln drams with the interest rate of 14% and the repayment term of 7 years.

Executive Director of “Cascade-Credit” UCO Robert Dira informed that the prospect for the nearest future includes expanding the crediting program to 16 villages of Armavir marz, and later on to other regions of Armenia as well.