Under the Development of Sustainable housing market in RA (GAF-HF) program, the German-Armenian Fund (GAF) will receive a €20m loan, GAF Director Gevorg Tumanyan told reporters. He said that high-quality implementation of the previous program was the reason for a relevant decision. In 2008, the KfW Bank issued a €6m loan to GAF thereby bringing GAF’s mortgage funds up to €12m. By this October, GAF had refinanced 1,063 mortgage loans totaling 6.4bn AMD.

The KfW Bank’s Representative in Armenia Karapet Gevorgyan said that the bank has not provided funds under large-scale credit programs. “Loans are within 12m AMD, that is, we do not give people money for building mansions. We are trying to credit the middle class,” he said. This policy has proved its worth.

GAF’s current credit portfolio is 5.3bn AMD, with overdue credits constituting only 1%.