Armenia To Sign Â~B¬20-Million Credit Agreement With German Governme

ARMENIA TO SIGN Â~B¬20-MILLION CREDIT AGREEMENT WITH GERMAN GOVERNMENT

ARKA
July 13, 2009
YEREVAN

Arthur Javadyan, chairman of the Central Bank of Armenia, is to fly
to Bonn on July 14 for signing a â~B¬20-million credit agreement with
German Government.

"The money will be lent though KfW bank on very favorable conditions",
he said on Monday.

Javadyan said that these funds are available also for credit
organizations.

Speaking about the beginning of the Armenian National Mortgage
Company’s activity, he said that credit organizations will be
necessarily involved in the new company’s activity.

National Mortgage Company Universal Credit Organization was registered
and got license from the Central Bank of Armenia on June 16, 2009.

The key aim of the company’s activity is to spur the development of
Armenia’s mortgage market.

Therefore, the company will extend long-term credits to money-lending
financial organizations by refinancing the mortgage credits extended
by them.

The company’s capital amounts to AMD 17 billion now. Crediting limit
is set at AMD 12 million.

Those parts of credits exceeding this limit, will be refinanced at
own account. ($1 = AMD 365.3).

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