Friday, April 16 2010 17:31

KfW to continue assisting Armenian mortgage market development


ArmInfo. German KfW bank and Central Bank of Armenia to sign on 19 April in Yerevan a contract on getting extra credit resources to the tune 20 mln EUR to continue the programme "On development of sustainable housing market".

As the head of the Armenian office of KfW Karapet Gevorkyan told Arminfo correspondent, from the Armenian side the contract will be signed by Chairman of Central Bank Artur Javadyan and from the German side - by vice-president of KfW Roland Siller.

He also added that the first tranche is expected to be received in June of the current year after ratification of the inter-governmental agreement by the parliament. "In fact, it will be the third tranche within the frames of the given mortgage programme or the second stage of the programme", - he said and added that at present the conditions for getting credit are being revised, but it is already clear that the credit repayment term will be 10 and more years and prepayment - 30% out of the cost of purchased real estate.

To recall, the first stage of the KfW bank programme started in Armenia since 2006. The bank allocated 12 mln EUR to Armenia in 2007-2008. The Program focuses on the development of a sustainable housing finance market in Armenia. The purpose of the Program is the expansion of sustainable lending to private households by private banks and credit organizations for the purpose of either the purchase or modernization of housing (Program Objective). Here are the partner financial institutions Armbusiness Bank, Armeconombank, Anelik Bank, Ararat Bank, Arexim Bank, Ardshininvest Bank, Byblos Armenia Bank, Cascade Bank, First Mortgage UCO, Ineco Bank and Washington Capital UCO.
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