Head of the Central Bank of the Republic of Armenia Artur Javadyan today received the delegation of the KfW Bank of the Federal Republic of Germany led by the Bank's Vice-President, Director for the Development of the Private and Financial Sector, Eva Vitti.
Greeting the guests, Artur Javadyan mentioned with satisfaction that the existing long-running cooperation between Armenia and Germany in the sphere of finances is entering the next stage of development, evidence of which is the launch of the new project for assistance in the sphere of agriculture.
Within the framework of the credit plan called "Support to the Sphere of Agriculture", which is co-funded by the Ministry for Economic Cooperation and Development of Germany (BMZ) and the Government of Armenia, on 11 June 2012 the KfW Bank and the RA Central Bank signed a 15-million Euro credit agreement and a 250,000 Euro grant agreement. As part of the same plan, the RA Government will grant the Central Bank another 5.5 million dollars at the price of the grant measures provided to the RA Government within the framework of the "Loan Warrants Foundation" credit plan.
The credit plan, which will be implemented across the nation, will increase Armenian trade banks' capacities to grant micro, small and medium loans to rural economies and will help support the development of Armenia's agriculture through better crediting.