Yerevan, December 26 /Mediamax/. The European Bank for Reconstruction and Development (EBRD) will provide “Armeconombank” with a credit at the sum of $2mln for developing mortgage crediting.

Mediamax reports that the corresponding agreement was signed in Yerevan today.

As the Executive Director of “Armeconombank” David Sukiasian stated, the credit funds will be used to provide mortgage credits for 10 years at 12-14% interest. The maximal sum of the credit will make $50 thousand, the amount of prepay will make 25%.

“Armeconombank” has already provided mortgage credits to 2000 customers at the whole sum of more than $12mln. According to David Sukiasian, the whole credit portfolio of “Armeconombank’ makes 20bln AMD, 10% of which falls on the share of mortgage crediting.

During the year of 2006, the volume of mortgage crediting increased by 50%.

EBRD is the owner of 25% share of “Armeconombank” and it has realized three programs with the bank at the whole sum of $7mln.