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Ninety-nine percent of loans allocated by the German-Armenian Foundation are returned in due time. Speaking to a Thursday news conference, Arthur Javadian, a member of the Foundation’s supervising council and Armenia’s Central Bank’s council, said the Foundation was established based on an intergovernmental agreement, backed by another one, signed by Armenian Central Bank and German KfW Bank in 1999. It started operating in Armenia in the same year. The Central Bank took up its management on behalf of Armenia, and IPC consulting company was chosen as an organization to provide technical support.

Over the passed years the Foundation made available 5,689 loans worth a total of 24 billion and 820 million Armenian Drams. The number of bad loans is only 39, with a total sum of 42 million Drams that constitutes only 0.4 percent of all released loans. The allocated loans helped to create 4,000 new jobs and maintain another 8,000 created earlier.

The success of the Foundation is attributed to a full supervision conducted by the Central Bank and to application of a quite new method of loan allocation, according to which, loans are directed for development of lower segments of domestic economy-rural economies, agricultural goods processing, by providing micro and small credits.

Four Armenian banks were chosen through a tender to manage the credit resources, a total of 12.5 million Euro, which are given to farmers at 18-22 percent of interest rate annually. The German side has pledged new loans in the amount of 4.5 million Euro.

By Ara Martirosian

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