Ameriabank Backs Development of Greenhouses

Large greenhouses have potential for growth in Armenia, according to a study by Ameria Advisory

YEREVAN—Ameriabank is implementing a program designed to finance the development of greenhouses in Armenia, the Armenian bank said in a press release Monday, adding that the financing will help expand domestic production, which in turn will not only help meet local demand, but also improve the quality of locally-grown agricultural products, making them competitive in international markets.

According to the press release, the financing offers credit products with available flexible terms, including finance of trade orders and various trade finance instruments.

“Ameriabank acts as an advisor partner offering the most appropriate financial tools for different stages of financing,” says a statement from the bank.

Ameriabank said Kaga Ago ltd, founded in January of this year, has been provided already with a $4 million loan for the construction of greenhouses by using Dutch technology on 2,322 hectares.

The press release said also that the findings of an Ameria management consulting company’s study called “Development of industrial agriculture in Armenia,” shows that the greater part of greenhouses in Armenia are too small, and their low productivity and efficiency prevent the development of greenhouses in the country.

Small greenhouses mostly use technologies that help reduce labor costs, while large greenhouses use technology aimed at growth, thereby increasing productivity.

According to American experts’ forecasts, in the coming years the development of this sub-sector will be driven mainly by large greenhouses which use advanced technology, while the prospects of small and medium-sized greenhouses are not too promising.

Ameriabank CJSC is a universal bank providing investment, corporate and retail banking services in the form of a comprehensive package of banking solutions. It is the first investment bank in Armenia that has been providing a wide range of innovative banking services since 2007.