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Official News

Tuesday, 27 November 2007

Today the Governing Council of Millenium Challenge Account-Armenia SNCO has met at the Office of Government, presided at by Council Chairman, RA Prime Minister Serzh Sargsyan.

To begin with, the Prime Minister congratulated the new members of the Council on their appointment and wished them successful work, among which Chairman of the Armenian Aldermen's Association Araik Hovanisyan, President of Agro-Development NGO Ashot Voskanyan, Director of the Applied Agricultural Research Fund Hrachia Javadyan and environmental observer, Chairwoman of "For the Sake of Sustainable Development" NGO Karineh Danielyan.

The Council has discussed and approved the Program Administrative Policy Guidelines and Procedures as created in the framework of credit activity of From Water to Market component of the Irrigated Agriculture Activity of the MCA-Armenia program. The document was reported to have been developed with the purpose of effective organization of the process of realization of the credit program under the From Water to Market component. During the drafting process working discussions were held between the experts of MCA-Armenia SNCO, ACDI VOKA consortium in charge of the From Water to Market component and the Millenium Challenge Corporation. Also, discussions were held with representatives of banks and credit organizations with the view of presenting the program and having their opinions and proposals. It has further been noted that under the MCA-Armenia SNCO-implemented From Water to Market component technical assistance would be provided to farmers by means of transfer of knowledge and new technologies, as well as lend funds to component beneficiaries with the purpose of expansion of agricultural production and application of effective technologies. Another objective behind the credit activity is to help increase the availability of long-term (up till 7 years) lending for the development of agriculture and rural areas. The credit program will be carried out through local banks and credit organizations with the total sum of credits provided rising to USD 8.5 million. USD 3.5 million will be available for the period from October 2007 to September 2008, USD 3.5 - for the period 2008

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