YEREVAN, DECEMBER 26, NOYAN TAPAN. The agreement on provision of a two million-dollar credit to Armeconombank by the European Bank for Reconstruction and Development (EBRD) was signed on December 26. Davit Sukiasian, Armeconombank's Executive Director, Chairman of the bank's board, told reporters that this sum will be allocated for crediting of Armenia's mortgage market. Credits will provided for a period of up to 10 years, with 12-14% annual interest rates. According to D. Sukiasian, the maximum amount of credits will make 50 thousand dollars. He said that today the bank saitisfies only 30-40% of bids for mortgage crediting. It was noted that the total credit portfolio of Armeconombank amounts to 20 billion drams (about 54 mln USD), 10% of which are mortgage credits. Until now the bank has serviced 2,000 customers, providing mortgage credits of 12 mln USD to them. Armeconombank's overall assets currenty make more than 42 bln drams, while its profit amounted to 1.5 bln drams this year.

---