KfW to promote mortgage market development in Armenia

May 5, 2009 - 21:50 AMT
PanARMENIAN.Net - CBA Chairman Arthur Djavadyan will participate in the German-Armenian Foundation's (GAF) Council Session scheduled for Frankfurt on May 6-7. GAF Observers' Council convenes its sessions in Armenia and Germany twice a year.



According to Mr. Djavadyan, discussion will focus on KfW allocations (20 million Euros) aimed at mortgage market development. "Session will be devoted to small and medium enterprise development and KfW credits, of which 20 million Euros will be spent on mortgage market development and 10 million Euros will be spent for development of renewable energy resources," Mr. Djavadyan stressed.



The German-Armenian Foundation (GAF) was established in 1998 under a German-Armenian financial cooperation agreement. The German side implemented the project on behalf of Ministry of Economic Cooperation and Development (BMZ) while the Armenian side acted on behalf of CBA.
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