Announcement

Collapse
No announcement yet.

Germany to Lend Armenia 7.5 Mln Euro For Mortgage Crediting Devlpmnt

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

  • Germany to Lend Armenia 7.5 Mln Euro For Mortgage Crediting Devlpmnt

    GERMANY TO LEND ARMENIA 7.5 MLN EUR FOR MORTGAGE CREDITING DEVELOPMENT



    YEREVAN, APRIL 29. ARMINFO. In 2005-2006 Armenia is to get from
    Germany 7.5 mln EUR for developing its mortgage crediting market, says
    Armenia's Finance and Economy Minister Vardan Khachatryan.

    The relevant agreement was reached during the Apr 17-19 meeting of the
    Armenian-German intergovernmental commission on financial and
    technical cooperation whose Armenian co-chair is Khchatryan.

    6 mln EUR will be given as a loan, 1.5 mln Eur as a grant for
    advising.

    Khachatryan says that the program is in the focus of President
    Kocharyan's attention and if successful will pave the way for
    additional financing for secondary market formation.

    At the initial stage mortgage loans will be issued for 7-8 years at
    10% instead of current 3-5 years and 12%-14%. The final goal is to
    bring the term to 25-30 years.

    From: Emil Lazarian | Ararat NewsPress
Working...
X