ARMENIA’S NATIONAL MORTGAGE COMPANY TO LAUNCH ACTIVITIES NEXT WEEK

/ARKA/
July 2, 2009
YEREVAN

YEREVAN, July 2. /ARKA/. Armenia’s National Mortgage Company will
launch mortgage loans refinancing next week, reported Chairman of
the Central Bank of Armenia (CBA) Arthur Javadyan.

"This will help cut interest rates and extend loan periods," he was
quoted as saying on Wednesday.

On June 16, CBA registered and licensed the National Mortgage Company
Universal Credit Organization (UCO).

Javadyan previously said the fund’s authorized capital would reach
30bln drams, against the planned 5bln drams.

The company is supposed to form long money by issuing securities to
refinance mortgage loans. This will help enhance mortgage lending in
Armenia. The company will refinance housing programs in the country.

Establishing an operator in the secondary mortgage market, the Armenian
government aims at boosting the country’s financial infrastructure
in order to settle housing issues. ($1 – 359.98 drams)