YEREVAN, SEPTEMBER 7, NOYAN TAPAN. The Armenian government has launched the implemention of State Guarantee for Completion of Incompleted Apartment Buildings anti-crisis program. Assistant of the Armenian prime minister, head of the working group for assistance to programs on economic development David Harutyunian said at the September 4 press conference that the purpose of the program is to give state budget guarantees to developers. "Under this program of the RA government, no sums, let alone sums at the expense of the loans received, are provided. We give budget guarantees to developers. That is, with a state guarantee banks give credits to developers," D. Harutyunian said. According to him, thanks to this the banks will use their credit resources with minumum risks. Thus the government helps so that the risks will decrease and the banks will be able to allocate credits. It was mentioned that the government has already given state guarantees to 6 developers: Elite Group CJSC, Hermek LLC, Levon Amirkhanian LLC, M.G. Housing LLC, Avo F.M.H. LLC, and businessman Vahe Harutyunian. A total of 12 million dollars was given to these developers with the aim of constructing housing of 116 thousand square meters. D. Harutyunian added that several programs of about 5 million dollars are now being discussed. He said that since May 2009 construction volumes in Armenia have shown a tendency to grow. "The growth in construction was 88% in May on April, about 130% in June on May, and 4.5% in July on June," he said. In his words, by data of the State Committee of Cadastre sales and purchases increased by 36.1% in June.

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