BUDGETARY GUARANTEE EQUIVALENT TO 0.5 MILLION DOLLARS TO BE GIVEN TO NORASHEN 2007 CONSUMERS’ COOPERATIVE
NOYAN TAPAN
NOVEMBER 20, 2009
YEREVAN
YEREVAN, NOVEMBER 20, NOYAN TAPAN. By the decision taken at
the November 19 sitting of the Armenian government, a budgetary
guarantee equivalent to 0.5 million USD will be given to Norashen 2007
consumers’ cooperative with the aim of attracting credit resources from
Prometey Bank in order to complete the construction of an apartment
building. According to RA Minister of Finance Tigran Davtian, a pledge
agreement will be signed with the cooperative, with the area of the
apartment building being contructed by the company to be recognized
as a security. The minister stated that it is yet another budgetary
guarantee to revive the construction sector.
Prime Minister Tigran Sargsyan said this is one of those decisions
that are criticized by opponnets who say that the Armenian government
supports developers. "The impression is that the developers are enemies
of our nation," the prime minister said, adding that so far only 3.5
billion drams has been provided as a guarantee. "By allocating this
money, we are guaranteed that the construction of these facilities
will be carried to a conclusion. On the other hand, we have allocated
about 12 billion drams for mortgage lending in order to encourage
the demand. If we promote the development of the mortgage market by
providing 12 billion drams, naturally there should also be apartments
affordable to our citizens," T. Sargsyan said.