The FINANCIAL - BSTDB Supports Mortgage Financing in Armenia

BSTDB Supports Mortgage Financing in Armenia

25/06/2012 02:00 (333 Day 07:12 minutes ago)

The FINANCIAL -- The Black Sea Trade and Development Bank signed a USD 8 million loan agreement with the Ardshininvestbank for mortgage financing in Armenia.

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According to The Black Sea Trade and Development Bank, Ardshininvestbank will use the facility, carrying a tenor of seven years, to provide residential mortgage loans to private individuals.

The BSTDB financing will support the Armenian Government’s priority to develop housing and mortgage markets in the country. Enhancing Ardshininvestbank’s mortgage lending capacity, the facility will improve the availability of affordable long-term mortgage loans for Armenia’s population.

“We are pleased to extend our first mortgage finance facility in cooperation with Ardshininvestbank in Armenia that will help people to improve their living conditions” said Andrey Kondakov, BSTDB President at the signing of the loan agreement.

“Mortgage lending is one of Ardshininvestbank’s strategic priorities and this loan facility will enable us to increase our portfolio significantly in this segment. With a broad outreach through our extensive branch network we are confident to have a fast and successful implementation of the project” stated Mher Grigoryan, Chairman of the Management Board of Ardshininvestbank.

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