IFC supports Byblos Armenia

Byblos Bank Armenia gets $10 million-loan for housing finance

Byblos Bank Armenia and the International Finance Corporation (IFC) signed on March 27 a $10-million agreement for mortgage lending to raise housing energy efficiency. The bank will use part of the loan to offer its clients in Armenia an energy efficiency lending package in the housing sector.

IFC, which is a member of the World Bank group, will provide Byblos Bank Armenia with a package of consultation services.

“Our bank will give Armenian residents the opportunity to get modern energy efficient apartments, as well as repair their own housing using modern energy-saving technologies,” said Byblos Bank Armenia Chief Executive Officer, Ararat Ghukasyan. He said loans of up to $100,000 will be allocated for 15 years.

Byblos Bank Lebanon holds 65 percent of Armenian ‘International Trade Bank’, which was renamed as Byblos Bank Armenia in 2007. Other shareholders of the Bank are the European Bank for Reconstruction and Development (25 percent), and OPEC International Development Fund (ten percent).

reported by Hanadi Chami