ITB TO PARTICIPATE IN KfW’S CREDIT PROGRAM

Armenpress
Oct 25 2006

YEREVAN, OCTOBER 25, ARMENPRESS: Armenia’s ITB international Trade
Bank will participate in the KfW bank’s "Development of Stable Market
of Apartment Financing" credit program.

According to the Executive Director of the ITB international trade bank
Ara Kitbalian, "KfW program will give new impetus to the development
of mortgage market in Armenia and at the same time will promote the
improvement of credit conditions," said he adding that the program
will give an opportunity to increase the qualitative level of credit
process.

"Development of Stable Market of Apartment Financing" credit program
costs 12 million euros. For the implementation of the first round of
the program 6 million euros will be provided.