GERMANY TO LEND ARMENIA 7.5 MLN EUR FOR MORTGAGE CREDITING DEVELOPMENT

YEREVAN, APRIL 29. ARMINFO. In 2005-2006 Armenia is to get from
Germany 7.5 mln EUR for developing its mortgage crediting market, says
Armenia’s Finance and Economy Minister Vardan Khachatryan.

The relevant agreement was reached during the Apr 17-19 meeting of the
Armenian-German intergovernmental commission on financial and
technical cooperation whose Armenian co-chair is Khchatryan.

6 mln EUR will be given as a loan, 1.5 mln Eur as a grant for
advising.

Khachatryan says that the program is in the focus of President
Kocharyan’s attention and if successful will pave the way for
additional financing for secondary market formation.

At the initial stage mortgage loans will be issued for 7-8 years at
10% instead of current 3-5 years and 12%-14%. The final goal is to
bring the term to 25-30 years.

From: Emil Lazarian | Ararat NewsPress