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World Bank Provides Armenia With The First Tranche Worth $25 Mln Wit

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  • World Bank Provides Armenia With The First Tranche Worth $25 Mln Wit

    WORLD BANK PROVIDES ARMENIA WITH THE FIRST TRANCHE WORTH $25 MLN WITHIN THE FRAMES OF SUPPORT LOAN

    ArmInfo
    2009-07-01 19:55:00

    ArmInfo. The World Bank (WB) has provided Armenia with the first
    tranche worth $25 mln within the frames of $545 mln support
    loan, Chairman of the Central Bank of Armenia Artur Javadyan
    told journalists, Wednesday. To note, $50 mln are envisaged for
    implementation of small and medium business financing program. The
    members of the given program are 8 Armenian banks which signed an
    agreement with the CBA in early June. The banks will provide financing
    to the borrowers in Armenian drams.

    As regards the stabilization loan worth 500 mln USD received from
    Russia, Javadyan said that 60.5 bln AMD of this amount are directed
    to the Armenian banking system, 18.5 bln AMD of them - to small and
    medium business financing, 12 bln AMD - to the newly-created National
    Mortgage Company, which will start refinancing mortgage loans since
    next week, and 30 bln AMD - to exporters, tourism companies, processing
    companies, as well as consumer crediting.

    Javadyan said the loans provided to the Armenian banking system will
    contribute to reducing the interest rates for loans making them more
    accessible to potential borrowers. A.Javadyan hopes the interest
    for loans will be reduced to the level of early 2008 till the end of
    the year.

    Data of the Armenian Central Bank provided to ArmInfo by the National
    Statistical Service of Armenia say the interest rates for loans in
    terms of the national dram (AMD) totaled 19.49% in early 2009 and
    were down to 18.61% in late May. Over 2008 the interests for AMD
    loans were up from 16.45% to 16.50%, the highest interest rates was
    registered in May - 17.39%.
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