‘ANELIK BANK’ PLANS TO JOIN KFW HYPOTHEC PROGRAMME IN JUNE, 2007

ArmInfo
2007-05-31 19:18:00

"Anelik Bank" plans to sign an agreement with the German KfW Bank
in June, 2007, for participation in the programme on development of
a stable housing financing market, deputy Chairman of the Board of
"Anelik Bank" Vladimir Badalyan told ArmInfo.

He said that the parties have already reached a preliminary agreement
on cooperation. He also said that with joining the KfW Programme, the
"Anelik Bank" intends to change the conditions of giving the hypothec
credits in line with the German Bank’s requirements. V. Badalyan
noted that the "Anelik Bank" has been giving the hypothec credits
since 2005 at the expense of its own resources, and the current
hypothec portfolio of the Bank makes up $1 mln. He added that the
maximum size of the Bank’s hypothec credit does not exceed 55 mln
drams, the maximum repayment term – 10 years, prepayment – 20% of
the acquired housing’s cost, the interest rate – to 16% of annual.

To note, the list of participants of the programme on development
of a stable housing financing market was approved by KfW on Sep
26, 2006. These were 6 commercial banks and two universal redit
organizations – Armeconombank, ARARATBANK, Cascade Bank, Areximbank,
ITB, INECOBANK, the "First Hypothec Company" UCC and the "Washington
Capital" UCC. Within the frames of this programme, the KfW will render
credit of 12 mln Euro to Armenia within 3 years by two transfers.