Wednesday, June 12 2013 11:32
National Mortgage Company to increase credit portfolio by 5 billion drams thanks to the French fund
Arminfo. The National Mortgage Company (NMC) is going to implement a new programme jointly with a French fund, within the frames of which it will attract funds for refinancing of credits, Executive Director of NMC, Mher Edigaryan, told ArmInfo correspondent.
He said that if they succeed in the talks, the fulfillment of the new programme will start in January 2014. At the expense of a French fund, the company is going to increase its credit portfolio by 5 bln drams. The purpose of the programme is to deliver credits for raising of energy effectiveness of apartments and private houses. He declined to name the fund, as they have been still negotiating. "We are going to direct these funds at the market in the national currency as well", - he said.
"National Mortgage Company" ("NMC") RCO CJSC has been functioning at the Armenian market since 2009. Armenia's Central Bank is the only shareholder of the company. It is the leading liquidity facility in Armenia working in the local mortgage market.The mission of the company is to provide liquidity, stability and affordability to the Armenian mortgage market. As a secondary operator it provides long term loans to lenders by refinancing mortgages originated by them. For financing its activities NMC uses its own funds, long term loans from different sources and funds attracted through bond issuance.
At present, the assets of the NMC are about 26 bln drams. For four years the company delivered credits at about 27 bln drams. Its credit portfolio is about 21 bln drams. The share of KfW in the credit portfolio of the company is 40%, the rest 60% are mainly the capital, a credit from the government and bond funding. At present NMC has got 19 partners - 15 banks and 4 credit companies.
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