Tuesday, June 14 2011 20:46

Armenia's banking system refinanced 88.4bln AMD worth loans in the framework of Russia's stabilization credit program


ArmInfo. Armenia's commercial banks have already distributed 64.3bln AMD out of 66.5bln AMD to be lent to small and medium-sized companies in the framework of Russia's stabilization credit program.

President of the Central Bank of Armenia Artur Javadyan said today that 3,724 loans worth 88.4bln AMD have already been refinanced. 36.9bln AMD was spent on 2,572 loans for small and medium-sized business, 5.4bln AMD - on 732 mortgage loans, 16.5bln AMD - on 28 loans for export stimulation, 16.8bln AMD - on 30 loans for processing companies, 8bln AMD - on 28 loans for tourism, 3.7bln AMD - on 9 loans for air operations, 1.1bln AMD - on 325 consumer loans. The average size of one loan for SME was 14.3mln AMD, for mortgage lending - 7.4mln AMD, for consumer lending - 3.4mln AMD.

"The loans has been placed very effectively. The percentage of inactive loans is very low - less than 2%," Javadyan said.

Director of the German-Armenian Fund Gevorg Tumanyan said that $30mln has been allocated in the framework of the World Bank's $50mln SME support program, launched in Feb 2009. Of this sum, GAF has refinanced $20mln. The partner banks were given 7bln AMD and have so far refinanced 1,981 loans worth 11.5bln AMD. The share of overdue loans under this program is 0.6%.
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