Yerevan /Mediamax/. Annual general assembly of the Association of Mortgage Market Participants took place in Yerevan## today.

Mediamax reports that the Chairman of the general assembly of the Association of Mortgage Market Participants David Sukiasian stated that due to adopting single standards for mortgage crediting in Armenia, international organization became more active in crediting the banking system of Armenia, providing long-term sums by relatively low interest rates, which allows the banks entering the secondary mortgage market.

Representative of the German KfW development bank in Armenia Karapet Gevorkian informed that the bank will continue financially and technically contributing to the development of mortgage market of Armenia. He reminded that 9 banks and 2 credit organizations are partners of the program, realized at the means of the KfW loan. “We are pleased with the process of the program realization, the first half of the loan at the sum of 12mln euro, provided in 2006, is already exhausted, and now we are waiting for the second tranche at the volume of 6mln euro”, Karapet Gevorkian stated.

Head of the Financial Policy and Analysis Department of the Central Bank (CB) of Armenia David Sarkisian noted that from the moment of appearance of the Association of Mortgage Market Participants in 2005, the volume of mortgage crediting in Armenia increased from 5bln drams to 58bln and the growth tendency will be preserved in future as well. “One of the most important tasks of the market of mortgage crediting in Armenia today is the process of attracting new financial resources”, David Sarkisian stated.

He informed that at present the draft law “On mortgage bonds” is in the process of discussion in the parliament. The approval of the draft law will attract additional means for crediting.

Head of Armenia’s Financial Sector Deepening Project of the U.S. Agency for International Development (USAID) Robert Singletary informed that after the approval of the law “On mortgage bonds”, they will render support to the implementation of the law, organizing training for potential investors.

The Executive Director of the Association of Mortgage Market Participants Ara Galstyan informed that the Association, with the support of USAID, published a guidebook on mortgage crediting, in which the potential borrowers are presented all the conditions of receiving a credit. Ara Galstyan noted the necessity of establishing a common data base for the members of the Association.

11 banks, 3 credit organizations, 4 insurance and 3 realtor companies enter the Association of Mortgage Market Participants of Armenia. Today the ANT Realty Company also entered the Association.