Agricultural Sector Support by KfW
The Agricultural Sector Support (GAF-AF) Loan Program is implemented within German-Armenian Financial Cooperation and aims to make financing of private farmers and SMEs engaged in agriculture more effective and attractive for financial institutions by combining long-term funding with technical expertise.
KfW has provided three loans totaling EUR 50 million: EUR 15 million for Phase I, EUR 15 million for Phase II and EUR 20 million for Phase III. The Government of Armenia also provided USD 5.5 million in co-financing for Phase I from remaining grant resources of the former Credit Guarantee Fund Program. The resources of the first two phases were fully utilized by April 2017, while disbursements under Phase III started at the end of June 2021.
In 2025, 15 partner financial institutions participated in the Program, including nine commercial banks and six credit organizations. As of 31 December 2025, the Phase III outstanding agricultural portfolio comprised 536 loans totaling AMD 1.3 billion (EUR 2.8 million), including 16 value-chain loans totaling AMD 221.1 million (EUR 0.5 million).
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Partner financial institutions
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