Yerevan, February 27 /Mediamax/. “Armeconombank” signed the third credit agreement with the International Financial Corporation (IFC) at the whole sum of $2mln in Yerevan today.

Mediamax reports that the Executive Director of “Armeconombank” David Sukiasian stated that $1mln will be directed to the crediting of Small and Medium Enterprises (SME) and $1mln – to mortgage crediting.

“Armeconombank” studies the prospects of extension of terms for providing mortgage credits up to 10, and up to 12 years in the future and the prospects of making the volumes of mortgage crediting reach $12mln by the end of the year.

The Regional Director of IFC in the Central and Eastern Europe states Jerome Sooklal noted that “the continuing cooperation with “Armeconombank” is reasoned by the reliability of the given bank. According to him, IFC is interested in taking part in the banking capital of Armenia, and “Armeconombank” is not an exception from that point of view”.

This year the IFC plans to allocate to the banking sector of Armenia up to $13mln. On the whole, IFC has already realized in Armenia credit programs at the whole sum of $20mln.

Jerome Sooklal also informed that IFC intends to realize an investment program in the “Armavia” Company at the whole sum of $11mln.

The first credit agreement of “Armeconombank” with IFC at the sum of $2mln was signed in 2004 - $1,5mln for crediting SME and $500 thousands for mortgage crediting.

The second credit agreement on assisting the trade development at the sum of $1mln was signed in 2006.