KFW TO PROMOTE MORTGAGE MARKET DEVELOPMENT IN ARMENIA

PanARMENIAN.Net
05.05.2009 20:50 GMT+04:00

/PanARMENIAN.Net/ CBA Chairman Arthur Djavadyan will participate in
the German-Armenian Foundation’s (GAF) Council Session scheduled for
Frankfurt on May 6-7. GAF Observers’ Council convenes its sessions
in Armenia and Germany twice a year.

According to Mr. Djavadyan, discussion will focus on KfW allocations
(20 million Euros) aimed at mortgage market development. "Session
will be devoted to small and medium enterprise development and KfW
credits, of which 20 million Euros will be spent on mortgage market
development and 10 million Euros will be spent for development of
renewable energy resources," Mr. Djavadyan stressed.

The German-Armenian Foundation (GAF) was established in 1998 under
a German-Armenian financial cooperation agreement. The German side
implemented the project on behalf of Ministry of Economic Cooperation
and Development (BMZ) while the Armenian side acted on behalf of CBA.