Farmers to be insured from natural risks in Armenia
YEREVAN, NOVEMBER 15, ARMENPRESS. The pilot program of agricultural insurance will be launched from December.
Initially the insurance package will include the following main risks – hail, freezing, storm and floods.
The government of Germany is ready to provide 5 million Euro assistance to Armenia. The Armenian government has also allocated 5 million Euros for partial subsidizing of the insurance money for farming businesses, the central bank said.
Since 2014, significant works are jointly implemented with the German Development Bank (KfW) for introduction of insurance system for agricultural risks in Armenia. Currently it is expected that the implementation phase of the program will begin in December, the Central Bank said.
As of 2016, agriculture in Armenia comprised nearly 16% of the GDP, while 34% of the economically active population is employed in this sector, which means that agriculture is a priority for the development of the economy.