YEREVAN, June 25. /ARKA/. The Black Sea Trade and Development Bank (BSTDB) and Ardshininvestbank signed $8-million credit agreement on Sunday. The money will be directed to mortgage lending.

“BSTDB funding is aimed at fostering implementation of one of the government’s priorities- development of mortgage market. We hope that these means, directed to offering available long-term mortgage loans to people, will ensure raising welfare of the population,” BSTDB President Andrey Kondakov said at endorsing ceremony.

On his side, Arshininvestbank Head Mher Grigoryan noted that financial aid will enable the bank to allocate mortgage loans for 30 years at 10% annual interest rate.

“It’s not a secret that it is quite a difficult task to distribute mortgage loans from inner resources. It is important that we attract such amount of means from BSTDB, and it will allow us to offer long-term and available mortgagee lending,” he noted.

Grigoryan also said due to the credit program it will be possible to expand the Bank’s portfolio in this segment.

The Black Sea Trade and Development Bank is an international financial institution established to support regional development and cooperation in the Black Sea region. The objectives of the bank are the development of trade relations in the region, facilitating the implementation of international projects, the promotion of foreign investment, providing guarantees for the development of trade and economic relations both at the state level as well as in private business.

Since 1999 BSTDB financed 12 projects valued at 50 million euros, and is planning to double its funding by 2015.The country’s share in the bank’s portfolio makes up 3.6%, and in capital-1%.

Equipped with modern technology Ardshininvestbank provides high-quality banking services. It has 49 branches in Armenia, 6 in the Nagorno-Karabakh and an office in Paris, France. In 2008 the bank was awarded the International Quality Management System Certificate ISO 9001: 2000. -0-