Monday, September 6 2010 11:32

Unibank to get into KfW's mortgage programme


ArmInfo. Unibank is going to take part in the second stage of KfW German bank's mortgage programme, deputy Chairman of Unibank Board of Directors, Corporate Business Director Ara Avagyan told ArmInfo. He recalled that the bank did not take part in the first stage of KfW's programme "Housing Financing Stable Market Development" which started in Armenia at late 2006.

"Our intention to participate in KfW's mortgage programme aims at more diversification of financing sources", Avagyan emphasized. He also said Unibank is carrying out mortgage crediting from own funds up to the present day. According to Avagyan, Unibank is one of Armenia's market leaders (2nd position, Ed.) by its mortgage portfolio volume which made up 11.5 bln drams ($30.7 mln) by August 1. "This is a merit of the bank's professional management which came out for extension of mortgage credits even years ago not only in the territory of Yerevan and nearby regions, but also in all the other towns of Armenia", Avagyan said.

To recall, KfW and Central Bank of Armenia signed and agreement on April 19 in Yerevan for 20 mln Euro for continuation of the programme "Housing Financing Stable Market Development". As CB Chairman Artur Javadyan said at the recent Armenian government session, all the agreements on KfW's mortgage programme have already been reached, and it is expected to receive new resources at late September.
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