ARMENIAN MORTGAGE MARKET DEVELOPMENT DEPENDS ON PLAYERS, EXPERT SAYS

ARKA
June 23, 2009

YEREVAN, June 23. /ARKA/. Further development of Armenia’s mortgage
market depends on its participants, Executive Director of Union of
Mortgage Market Participants of Armenia Eduard Oremyan was quoted as
saying at the union’s annual meeting on Monday.

He emphasized the role of the union’s cooperation with the government
and international organizations dealing with mortgage lending. Oremyan
also stressed effective collaboration with the German KfW bank,
IFC and USAID.

"The members of the union seek for stronger cooperation with local
and international organizations to be able to boost the local mortgage
market," he added.

According to Oremyan, the union aims at creating favorable conditions
for Armenia’s mortgage market development and guarding the interests
of its members.

With the union being in the spotlight of the government and Central
Bank, he hailed state support to their initiatives.

Armenian bank’s loans reached 92bln drams by en-May 2009, comprising
13% of the country’s total credit portfolio. ($1- 362.18 drams)