Yerevan/Mediamax/. Today, the Armenian government and the International Fund for Agriculture Development (IFAD) initialed the agreement on funding “Agricultural Capacity Development Program”.

Mediamax was informed in the press service of the Ministry of Finance today that within the framework of the agreement, Armenia will be provided a loan at the volume of USD 13.48mln and a grant of USD 500 thousands.

The first component of the program provides for establishing “Armenian Fruit” OJSC and organizing efficient production of fruits and nuts. Investments are planned to the realized in Tavush and Vayots Dzor marzes, as well as in Talin region of Aragatsotn marz.

The second component of “Agricultural Capacity Development Program” will cover seven marzes of Armenia (Tavush, Syunik, Vayots Dzor, Gegharkunik, Armavir, Lori and Shirak).

Implementation of the project is planned to be launched in 2011 and concluded in 2016.