YEREVAN, JULY 26, ARMENPRESS. The ministry of agriculture of Armenia is designing a program which will increase state assistance to farmers.

According to Robert Makaryan, the deputy minister of agriculture, if the current interest rates of farming loans are 14% a year, 6% of which is subsidized by the government and 8% by the farmer, the new program will set the farmer’s interest rate at 5%.

“The remaining will be subsidized by the government. In addition, it is planned to set a yearly 3% interest rate for bordering villages under social assistance. An investment portfolio worth nearly 7,5 billion drams is planned for this year, while in the coming years it will reach 10 billion”, Makaryan said.

The official says it is planned to increase the current up to 3 million drams loans for villagers in the limits of 3-10 million drams.

According to Makaryan, they also plan to implement an intensive gardening program which use modern technologies from 2018.

“The government will subsidize the loan and stakeholders will be provided with rather low interest rate loans. The ministry is accepting applications from farmers for this program until August 8”, he said.