Yerevan /Mediamax/. A Mortgage Fund will be founded in Armenia.

Mediamax reports that the Chairman of the Central Bank of Armenia Artur Javadyan said this in Yerevan today.

According to him, by the end of the year the capital of the Fund will make 30bln AMD, 5bln AMD of which will be provided by the CB, the rest of the means – by the Armenian government and the private sector. Artur Javadyan noted that this will become a new signal for the market, as a result of which a serious growth in construction is expected to take place in the country.

CB Chairman stated that in the sphere of mortgage market development, there is also the program of the German-Armenian Fund functioning, the remainder of which makes 1mln euro. According to him, CB is in process of talks with German KfW bank on increasing the program for 20mln euro, which may be provided already in June, 2009.

Head of Armenian CB noted that there is no deficit of means in the mortgage market now, and the banks can meet the demand. He informed that at the moment the volume of mortgage crediting makes 84bln AMD.