News

Annual meeting of shareholders of Farm Credit Armenia UCO CC will take place in the Business Center of American University of Armenia, Aleq Manoogian St., Building 9, Republic of Armenia, on February 3, 2010, at 11.00 a.m.

Mr. Strom and FCA CEO Mr. Armen Gabrielyan had a meeting with Chairman of Central Bank of Armenia Arthur Javadyan, Central Bank board members and senior staff. During that meeting the officials discussed the role of Farm Credit Armenia in the development of agriculture in Armenia, the impact of financial-economic crisis on both U.S. and Armenia’s economies and the lessons learned. Mr. Strom introduced how important the role of U.S. Farm Credit System was for the U.S. at the beginning of the 20th century; he told that Farm Credit Armenia would definitely play the same role for the agriculture of Armenia.

During his stay Mr. Strom and Mr. Gabrielyan also had a meeting with the Minister of Agriculture of Armenia Mr. Gerasim Alaverdyan. Mr. Strom and Mr. Alaverdyan discussed the issues Armenian farmers encounter and the actions Armenian government takes to improve the economic and social conditions in the villages of Armenia. Introducing the role U.S. Farm Credit System for U.S. economy Mr. Strom expressed his confidence that Farm Credit Armenia could be an excellent partner for the Armenian government in the process of supporting the economic development of Armenian agriculture.

Mr. Strom also visited 8 member-borrowers of Farm Credit Armenia: a fruit drying factory, three wineries, vineyards, orchards, a fish breeding and growing operation and other agribusinesses and farms. He was very impressed by the working culture of Armenian farmers.

Mr. Strom was present at the ceremony of our leasing product launch in village Areni in Vayots Dzor, where Farm Credit Armenia’s CEO signed the stock certificate and the lease agreement with the first member who leased a tractor. Chairman Strom also drove the tractor and commented “these are nice handling tractors and should be what most Armenian farms and agribusiness need to increase their efficiency”.

Chairman Strom lectured to a class of Finance Banking College students on Friday, October 2, 2009 while visiting Armenia. Chairman Strom spoke to the students about the history of the U.S. Farm Credit System (FCS) and its regulator the Farm Credit Administration (FCA).  He also spoke about the beginnings of FCA and its role in the safety and soundness of the FCS.  Farm Credit Armenia (FC) is patterned after the very successful cooperative FCS in the U.S which is almost 100 years of age.

The CEO of Farm Credit Armenia Armen Gabrielyan participated at 12^th Microfinance Center Conference of Microfinance Institutions, which took place on 25-27 May, 2009 in Belgrade, Serbia and  was devoted to the topic of “Global Crisis: Threat or Opportunity to Microfinance”.  

Over 450 microfinance practitioners, investors, policy makers and private sector representatives attended the conference. During the conference Mr. Gabrielyan met with a number of potential investors and other possible partners. During his discussions with some of the potential investors and possible partners future cooperation and plans were discussed.

From May 6 to May 8 Armenian delegation visited MidAtlantic Farm Credit and Farm Credit of Virginias, which are associations in the AgFirst Farm Credit District. During those three days the visitors intensively shared ideas with the staff representatives of both associations. Different presentations, round tables and discussions took place on general management, credit, accounting/finance, internal audit and other units’ activities, processes, procedures and regulations. The group also visited some of the clients of the banks (a winery, a big plant retailer, John Deere tractor dealership) and in reality saw the results of the associations’ activities.

On May 5 FCA staff members and CBA representatives visited Farm Credit Administration (McLean, Virginia) which is the federal regulator of Farm Credit System institutions and Farmer Mac. The FC Administration staff delivered a lot of interesting presentations on FCA’s role in Farm Credit System as a regulator, its history, structure, legal framework, controlling and audit tools and other related subjects. The meeting was of special interest to CBA representatives as the regulators of Farm Credit Armenia.