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KfW Developing Armenian Mortgage Market

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  • KfW Developing Armenian Mortgage Market

    KFW DEVELOPING ARMENIAN MORTGAGE MARKET

    Tert.am
    19.04.10

    On April 19 an agreement was signed between the President of the
    Central Bank of Armenia, Arthur Javadyan, and the Deputy President of
    the German KfW bank, Eva Vitt, by which KfW will provide the Central
    Bank of Armenia a loan worth 20 million euros.

    The initiative is aimed at the development of the Armenia mortgage
    market.

    Arthur Javadyan said that the loan is allocated for 10 years with
    the first three ones on privileged conditions. The percentage rates
    of these mortgages will be privileged too: part of them will be
    subsidized by the German government.

    The principle by which these mortgages will be given to citizens is as
    follows: the Armenian trade banks will provide citizens mortgages, and
    the Central Bank of Armenia will return those mortgages to them later.

    The Armenia trade banks will provide those mortgages at 12%-16%,
    and the total amount of each mortgage will be 12 million dram.
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