Thursday, December 8 2011 16:17

By 2012 KfW Bank to ensure 2.5 bln AMD portfolio of refinanced mortgage loans in Armenia


ArmInfo. The German Bank KfW has refinanced 344 mortgage loans worth a total of 2.2 bln AMD in Armenia within the frames of the third tranche of the Sustainable Housing Finance Market Program. This is about 20% of the third tranche of the given program worth 20 mln euro

Bella Andreasyan, Chief Project Coordinator of KfW Office in Armenia, told an ArmInfo coordinator that the bank ensured the given portfolio of refinanced loans from June till October 2011. She said that under the given program, the mortgage loans are refinanced through the "window" of the National Mortgage Company (NMC), and these are the loans of the NMC - 15 commercial banks and 3 universal credit organizations. "Though, as a rule, the demand for mortgage loans declines in December due to the Christmas holidays, nevertheless, we are going to increase the portfolio of refinanced mortgage loan to 2.5 bln AMD by late 2011, and to actively place the rest of the resources in 2012", she said.

Under the Sustainable Housing Finance Market Program, the mortgage loans are refinanced both in Yerevan and in the regions of Armenia, and the number of regional loans is to constitute 40% of the total amount. Andreasyan said that another peculiarity of the program is stimulation of gender diversification. In particular, the share of the loans provided to the women is to make up no less than 26% of the refinanced loans portfolio. According to the terms of the program, the minimal period of loan redemption is fixed at 10 years, minimal amount of the advance payment is 30% of the acquired housing, and the maximal amount of the loan is 12 mln AMD in the regions and 18 mln AMD in Yerevan.

To recall, the first two tranches of the KfW Sustainable Housing Finance Market Program worth a total of 12 mln EUR were placed in Armenia over 2005-2009.

At the moment the credit resources of the program are available for such partners of the NMC as ArmBusinessBank, ARARATBANK, Armeconombank Artsakhbank, Anelik Bank, Areximbank- Gazprombank Group, Ardshininvestbank, VTB Bank (Armenia), HSBC Bank Armenia, INECOBANK, Byblos Bank Armenia, Unibank, Armenian Development Bank, Converse Bank, ArmSwissBank, as well as for First Mortgage Company, Global Credit and Express Credit.

The German financial cooperation with Armenia started in 1995. Since then within the frames of this cooperation, BMZ and KfW provided Armenia with grants and loans worth about 450 mln EUR for implementation of the projects in various fields of economy.
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