Secondary mortgage market operator company to be set up in Armenia soon

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Economy

10.04.2009, 19:18

A mortgage company – operator of secondary mortgage market – will be set up in Armenia within a month as per the concept developed by the country’s Central Bank.

YEREVAN, April 9. /ARKA/. A mortgage company – operator of secondary mortgage market – will be set up in Armenia within a month as per the concept developed by the country’s Central Bank.

The Press Service of the Central Bank of Armenia (CBA) reported that best international practice was considered in developing the project.

According to the press release, the company is to be set up as a credit organization guided by government – private sector cooperation principle.

The initial founder of the company is the Central Bank that is to invest 5bln Drams (about $13.3mln) in the company.

Further investments in the company’s authorized stock may be implemented by Armenian government, financial institutions (banks, credit organizations, investment companies) and international prestigious investors, which will bring the fund capital several times up by the end of this year, says the report.

This way, through the setting up of the mortgage company, Armenian government intends to have an efficient financial infrastructure for solving housing issues.

The company will be providing “long money” through securities issues to refinance mortgage credits. The expected result is improvement of mortgage loan terms, greater accessibility of mortgage credits due to lower interest rates and longer pay-back period.

The mortgage company will also be refinancing social housing programs. N.V. –0—

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