Armenia to receive €20 million from Germany’s KfW Bank under housing financing program

04.04.2016 17:29
Armenia to receive €20 million from Germany’s KfW Bank under housing financing program

YEREVAN, April 4. /ARKA/. Armenia will receive €20 million from Germany’s KfW Bank (Kreditanstalt fur Wiederaufbau) for implementation of the fourth stage of the program ‘Development of Sustainable Housing Financing Market’, the press office of the Central Bank of Armenia reports.

The German bank signed an appropriate agreement with the Armenian central bank on March 31.

The mentioned amount will be distributed though commercial banks and credit organizations, which will assume credit risks.

The money will be used for mortgage lending in Yerevan and provinces.

The loan agreement is aimed at ensuring stable development to mortgage lending in the country.

Technical cooperation is included as well in the partnership program – the program beneficiaries will receive appropriate advisory services.

The German-Armenian Fund was established in 1998 by the two countries governments to support small and mid-scale businesses in Armenia.

According to the National Statistical Service of Armenia, Armenia’s debt to Germany (KfW) amounted to $189.9 million in 2015. ---0---


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