Armeconombank expects third $0.7 million tranche under EBRD mortgage
lending program

2008-08-15 21:42:00

ArmInfo. Armeconombank expects another third tranche for $700,000 under
European Bank for Reconstruction and Development within the coming two
weeks. Vice Chairman Armeconombank Board Hayk Lazarian told ArmInfo.

He said under the given 5-year program worth $2 million that was signed
at the end of 2006, the bank received $1 mln last year and $300,000 in
the current year. He said $1.575 mln were used from the funds under the
program.

Armeconombank is involved also in the KfW Development of Sustainable
Market for Housing Finance alongside with 8 local commerce banks.
Ranking of Armenian Commerce Banks prepared by Agency of Rating
Marketing Information (ArmInfo) says the mortgage lending in the
banking system of Armenia as of July 1 2008 achieved 73 bln drams or
$241 mln growing by 35% over the first half of 2008 and almost doubling
per year. Armeconombank ensured the mortgage portfolio by 2.5 bln drams
or $8.1 mln (the 9th position in the banking system). The bank ensured
21% annual growth of the indicator. All the 22 commerce banks in
Armenia are engaged in mortgage lending.