“Procredit” world network of banks is opening its 23rd branch in Armenia in February. German “Reconstruction credit bank” (KfW) and the European Bank of Reconstruction and Development have 17% participation in this bank. The representative of KfW in Armenia, Karapet Gevorgyan has informed “Armenpress” that it is the first time the KfW is entering the market of bank capital. “I think that with this participation the bank will limit any other possible participation in other banks. It will be possible to provide financial resources to the Procredit bank to help the development of the micro-business, as well as to act in the field of mortgage credits. It is not also excluded that negotiations may be conducted with other banks to attract financial resources and execute contracts,” he said. According to K. Gevorgyan, they executed such contract for the first time with ACBA Credit Agricole bank in the middle of 2006. The amount of the credit contract was $10mln, which had to be focused on the development of small and medium businesses in Armenia. In the future financial support may be provided by them to other banks to provide mortgage credits too.
