Time in Yerevan: 11:07:36,   27 April

Armenian Government to subsidize agricultural leasing interest rate at the expense of savings

YEREVAN, MARCH 20, ARMENPRESS.  The newly established fund for agricultural development will finance various development projects, Armenian Premier told the citizens of Armavir Province in the sidelines of electoral campaign, referring to the issue of rural development.

“Each year we will subsidize fertilizer importer by 2.3 billion AMD. This year we organized the contest in a way that allowed us to save 1.2 billion AMD. Besides, each year the fertilizer importer demanded the Government 5 billion MAD of advance payment which we did not allocate this year. We have directed the savings to agricultural leasing program by which agricultural equipment will be leased by 9% interest rate while the 7% of which will be subsidized at the expense of the savings and the farmer will be able to lease the equipment by only 2% interest rate”, “Armenpress” reports the Premier saying.

Karen Karapetyan also informed that an agricultural equipment network will be created together with Russia which will allow the farmers to rent the equipment. 

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