YEREVAN, JANUARY 18, NOYAN TAPAN. The Armenian branch of ProCredit Bank (Germany) will be opened officially on February 5, the Armenian representative of the German bank Kreditenschaft fur Wiederaufbau (KfW) Karapet Gevorgian announced during the January 18 press conference. According to him, the Armenian branch will be 23rd in ProCredit Bank's international network. 17% of the Armenian branch's capital will belong to KfW and the European Bank for Reconstruction and Development (EBRD). K. Gevorgian said that it will be the first case when KfW has a share in the capital of an Armenian bank. KfW's representative said that in all likelihood, starting from late 2009 this bank will no longer finance the program on development of stable housing financing market of Armenia, which is being implemented under an intergovernmental agreement. It is envisaged that on a private basis, KfW will provide credit resources to ProCredit Bank's Armenian branch, possibly to other Armenian banks as well, for small and medium business and mortgage crediting. K. Gevorgian reminded that in 2006 KfW allocated credit resources of 10 million dollars to ACBA Credit Agricole Bank.

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