Yerevan /Mediamax/. “Armeconombank” announced today about a new loan product for trade funding, within the framework of which the bank will fund deals on import and export at the rate from 10% to 12% with the repayment term of up to 2 years.

Mediamax reports that Chairman of the bank’s Board of Directors David Sukiasyan said this at a news conference in Yerevan today, noting that the credit program is being realized within the framework of the bank’s cooperation with international financial institutions.

To receive funding of deals on import and export, Armenian companies and private entrepreneurs should present the corresponding agreements and invoices to the bank.

David Sukiasyan also informed on the new crediting program for funding production, realized jointly with the European Bank for Reconstruction and Development (EBRD), within the framework of which they can receive credits at the rate of 10-12%.

Talking about the process of placement of means from the Russian stabilization loan, Chairman of “Armeconombank” Board of Directors informed that by the given program credits are provided by the bank for the term of up to 5 years at the minimum interest rate of 15%.

David Sukiasyan also informed on reduction of mortgage interest rates. “Credits for real estate purchase are provided at the minimum prepayment of 30% and at the interest rate of 14-16%, credits for exchange, construction and repair of real estate are provided at the interest rate of 16-18%”, he noted.

According to him, taking into account the insufficient level of AMD resources in the bank (correlation of AMD and USD deposits in the bank makes 1/9), the majority of credits are provided in USD, and crediting in AMD becomes possible due to placement of means from the Russian loan and the loan of the World Bank.