Yerevan /Mediamax/. The main achievement of “Farm Credit Armenia” UCO last year was the attraction of financial resources within the framework of U.S. “Millennium Challenge” Program.

Mediamax reports that Chief Executive Officer of “Farm Credit Armenia” UCO Armen Gabrielyan said this today, speaking at the general annual meeting of the organization shareholders. Within the framework of “Millennium Challenge” Program, “Farm Credit Armenia” UCO was allocated loan means at the volume of $300 thousands.

The credit portfolio of the organization makes about $600 thousands, all in all 54 credits in 6 marzes of the country were issued, 45 out of which were issued for agricultural needs and 9 credits – for the processing sector. The larger part of the credit portfolio (26 credits) is focused in Ararat marz. The organization enjoys 100% repayment of credits; “Farm Credit Armenia” does not have a single overdue credit, Gabrielyan noted.

According to him, the organization’s number one task is to find financial resources, in connection with which there is a new department of strategic planning and resource search established in its structure to realize purposeful work with potential investors. 

At present, “Farm Credit Armenia” is elaborating a 5-year development plan of the organization, within the framework of which they plan introduction of leasing products.

Aram Gabrielyan stressed the serious support from U.S. Department of Agriculture /USDA/, “without the daily assistance of which it would be very difficult for us”.

In his turn, USDA Coordinator in Armenia and Georgia Sean Carmody gave a high assessment to the work realized and the quality of credits and expressed hope that “Farm Credit Armenia” will manage to continue work in cooperation with “Millennium Challenge” Program.

Founded in February, 2007, “Farm Credit Armenia” is the only financial organization in Armenia, founded basing on cooperative principles. The member-customers of the organization are the owners, the participants and the beneficiaries of the organization.