Monday, May 21 2012 19:38
Habitat for Humanity Armenia and Inecobank signed a loan agreement of 11 million AMD to support 200 low-income families in multi-apartment buildings
ArmInfo. Following the partnership principles and goals defined by the Memorandum of Understanding, signed on 15 July, 2011 between Habitat for Humanity Armenia Foundation and Inecobank CJSC, the partners started a 2-year joint project in July 2011, addressing poverty housing by contributing to the improvement of living conditions of low-income families living in condominium buildings.
On April 10, 2012 a Loan Agreement was signed between the Parties according to which Inecobank CJSC receives 11 million AMD loan common area revitalization and building stabilization activities in the condominium buildings. The project will be done through the introduction of a renovation loan product that will allow families to improve their living conditions. Overall the project aims to support 200 low-income families by improving the common areas of multi-apartments buildings. As a beginning, roof renovations of 2 apartment buildings have started in the city of Vanadzor.
"We welcome Inecobank as our new partner and the opportunity to support low-income families through well established financial institution. This is a pilot project and Habitat for Humanity Armenia's commitment and partnership with Inecobank within the framework of this project are the first steps towards improving living conditions of multi-apartment buildings' residents. " said Luiza Vardanyan, Executive Director of Habitat for Humanity Armenia.
"We feel confident that our newly established partnership with Habitat for Humanity Armenia is a good start for a long-term effective cooperation aimed at improvement of housing conditions throughout Armenia. Being a socially responsible organization Inecobank views this project as another step towards ensuring better living conditions for lower income families via tailor-made banking services ," said Avetis Baloyan, Chief Executive Officer of Inecobank Armenia.
Habitat for Humanity International is a global Christian nongovernmental housing organization that brings together people of all races, nationalities and religions to build homes, communities and hope. Since 1976, Habitat has served more than 500,000 families by building and improving homes; by advocating for fair and just housing policies; and by providing training and access to resources to help families improve their shelter conditions. An estimated 17,000 of these families have been in Europe and Central Asia, where Habitat has been active since the mid-1990s. In Armenia, Habitat seeks to eliminate poverty housing by serving low-income families to improve their living conditions. Since 2000 it has supported more than 1000 families throughout Armenia. Find out more at www.habitat.am.
INECOBANK CJSC renders universal bank services both for individuals and businesses the number of which as of March 31, 2012 amounted to accordingly 170 164 and 6292. It is proved by the fact that the Bank shows active participation in multiple target projects of small and medium as well as micro enterprises lending thus contributing to the development of economy and establishment of new employment opportunities. Our readiness to contribute to the enhancement of social sustainability in the country is also reflected in providing the most favorable conditions for making purchase of miscellaneous goods on credit as well as constant development of that service and improvement of service quality. Inecobank has over 25 foreign partners which include International Finance Corporation (IFC), Deutsche Investitions- und Entwicklungsgesellschaft mbH (DEG), European Bank for Reconstruction and Development (EBRD), Asian Development Bank (ADB) and others. For more information about Inecobank Armenia, visit: http://www.inecobank.am
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