Yerevan /Mediamax/. Mortgage Company will start functioning this month, Armenian Prime Minister Tigran Sargsian stated in Yerevan today.

Mediamax reports that, speaking at the session of the Cabinet of Ministers, the Prime Minister reminded that the government had provided state guarantees to a number of developer companies.

Tigran Sargsian expressed confidence that the work of the Mortgage Company, which will be refinancing mortgage loans, and stirring up of construction will lead to situation stabilization, and Armenia’s citizens will gain the opportunity to purchase real estate at affordable terms.

Prime Minister also stated today the necessity to continue programs on building rural roads in Armenia. Tigran Sargsian stressed that interruption of started works may lead to dissipation of already invested resources. To conclude the programs, they need 6bln AMD additional means. They intend to attract those resources from the Asian Development Bank.

The total cost of the program makes 16bln AMD.