INFLOW OF MORTGAGE LOANS AND LOANS FOR SMALL BUSINESS EXPECTED

KarabakhOpen
04-12-2007 12:09:19

Prime Minister Ara Harutiunyan met with the bankers of Karabakh. This
is already the third meeting over the past month, the aim of which is
to promote cooperation between the government and banks on mortgage
lending and loans for the development of small and medium-sized
businesses.

The prime minister said the government is currently revising the loan
policy and thinks it should involve more banking capital. Agreement
was reached with the bankers who committed to mortgage lending in the
regions of NKR as well. In the first three years the borrowers will
pay only interest, and repayment of loan will start in the fourth
year, the department of information and public relations of the NKR
government reports. Interest on mortgage loan will be 12 percent,
half of which will be subsidized by the government. Loan will be
repaid in 15-20 years.

Softer conditions will be offered to owners of small and medium-sized
businesses. So far loans have been lent for 2-3 years, now loans will
be lent for 5 years. The procedure will be simplified.

The prime minister invited the bankers to make utmost use of the new
loaning policy in NKR and cooperate with the NKR State Investment Fund
through which the government will implement the policy. The director of
the fund Karen Yesayan was instructed to work out effective mechanisms
of entitlement of loans.

From: Emil Lazarian | Ararat NewsPress