22.11.2014 01:36
Exclusive interview with Hayrapet Stambolyan, deputy director of Kilikia universal credit organization
ARKA - Mr. Stambolyan, Kilikia universal credit organization has been operating at the local market since September 2010. How much has it invested over these four years?
H. Stambolyan - As of October 31, 2014 our investments stood at 1.34 billion drams, a 12.6% rise from the beginning of the year. I would like to note that the organization’s focus is on micro financing to trade and services. Commercial loans account for 29% of the total lending or 390 million drams. Consumer and mortgage loans account for 43 percent (575 million drams) and 28 percent (375 million drams) respectively. This year we have introduced new mortgage products that are in high demand of customers, and there is a significant increase here as well. The bulk of mortgage loans are granted as part of the "National Mortgage" and "Available Apartments for Young Families" government-designed programs, totaling about 303 million drams.
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