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Farm credit
AFD Group is supporting the development of FCA, the only credit cooperative in Armenia, via a subordinated loan in Armenian dram for an amount equivalent to EUR 1.5m with a 6-year maturity. FCA is the first credit organization in Armenia to raise this type of subordinated financing with an international institutional investor.

FCA targets a client base made up of smallholders and rural SMEs that is still underserved by commercial banks. It offers small loans  combined with non-financial services in the form of advice and training. The social ambition is central to the activities of FCA, whose rates are among the lowest on the country’s agricultural finance market. Its cooperative structure, which is based on the “one client, one vote” principle, allows its clients-members to participate in the institution’s governance. AFD’s financing will allow FCA to strengthen its equity and expand its range of agricultural loans.


This project was concluded on the basis of confidence in FCA’s sustainable development strategy and responsible loan policy. It has not been hindered by the global health crisis we are currently experiencing.


This financing is in line with the strategy of AFD and PROPARCO to promote the development of responsible microfinance in emerging countries, by supporting FCA, a leading credit union in financing agriculture and rural economic activity in Armenia. 
AFD Group’s support for FCA’s growth should safeguard the jobs of 80 employees over the next 5 years and allow the allocation of 536 additional microcredits to agricultural producers.


This project will contribute to SDG 8 “Decent work and economic growth” and SDG 2 “Zero hunger”.