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ARTSAKH'S INVESTMENT FUND - WITH NEW PROGRAMS AND SUGGESTIONS
Laura Grigoryan
Azat Artsakh Newspaper NKR
February 08, 2010
As we have informed, on February 1st a conference took place at
the NKR President Bako Sahakyan, devoted to the activity of 2009 of
Artsakh's Investment fund. The Speaker of NKR National Assembly Ashot
Ghoulyan, the Premier Ara Harutyunyan, members of the government and
other officials assisted at the conference. The executive director
of the structure Karen Essayan represented thoroughly the works of the
financial year. Artsakh's Investment Fund was set up on November 2nd,
2007. The supreme body of the governing fund is the Board of Trustees,
consisted of 5 members. The main aim of the structure's creation is
favouring the development of the country's socio-economic different
spheres, as well as assisting of beginner and acting managing subjects.
Investment Fund of Artsakh is a body realizing the program of state
financial assistance of improvement of flat conditions of NKR citizens
by hypothec crediting. Financing of program arrangements is realized
by means of the NKR state budget. Touching upon the package of the
programs and subprograms directed to the improvement of the NKR
citizens' flat conditions, K. Essayan has noted, that the management
of the structure realizes the importance of the program. This program
started in 2008, suffered some changes in 2009. The fund collaborates
basically with three banks: "Artsakhbank", "Armbusienssbank" and
"Ameriabank" CJSC. In 2008-2009 419 claims were financed by the
banks with 2 milliard 334 million drams total sum. The assistance is
realized in three main directions: purchase of flats, construction
of flats and restoration of flats.
In the circle of the program a number of getting state assistance is
2.5 thousand. The world financial crisis had its influence also upon
the fund's activity. The above-mentioned program started in 2008 sank.
>From the beginning of the year the banks were financing the
represented claims very slowly, and only in the fourth quarter it
was possible to achieve the level of the end of 2008 year. In 2008
for the purpose of realization, the fund began to construct flats in
Stepanakert. Formation of primary market has given its results. The
number of citizens, who prefer to acquire flats from new buildings by
hypothec crediting by and by increases. In 2009 this program moved
to the regions. At present two dwellings are being constructed in
Askeran, new buildings are constructed in Martakert and Hadrut,
restoration works are going in Shushi. 109 flats will put into
operation in 2010. One of the programs started in 2009 is "pilot"
program: allocation of hypothec loans to countrymen. The program
is very cheap and available. This program gave a chance to show
financial assistance to a thousand citizens in 36 communities of the
two regions. In the direction of broadening of the program there
is already a corresponding decision. From February 1st also three
regions of the republic - Martuni, Shushi and Hadrut join this program.
In the current year the Investment Fund of Artsakh has given credits
also development of small and middle commercial activities. The Fund
suggests a complex program of industrial arrangements, which will
give a chance to organize productions of confectionery, tea, dried
fruits without voluminous investments in the main capital. K. Essayan
underlined the necessity of moving forward the local production into
inner market and in this connection he represented also a program of
foreseen arrangements. Suggestions sounded during the conference,
before bringing to life, still will be discussed in corresponding
structures. And the activity of 2009 of the Fund was estimated
satisfactory. The Fund has its web-site, relations with the society
have become close and mass-medias play a great role in this work.
Laura Grigoryan
Azat Artsakh Newspaper NKR
February 08, 2010
As we have informed, on February 1st a conference took place at
the NKR President Bako Sahakyan, devoted to the activity of 2009 of
Artsakh's Investment fund. The Speaker of NKR National Assembly Ashot
Ghoulyan, the Premier Ara Harutyunyan, members of the government and
other officials assisted at the conference. The executive director
of the structure Karen Essayan represented thoroughly the works of the
financial year. Artsakh's Investment Fund was set up on November 2nd,
2007. The supreme body of the governing fund is the Board of Trustees,
consisted of 5 members. The main aim of the structure's creation is
favouring the development of the country's socio-economic different
spheres, as well as assisting of beginner and acting managing subjects.
Investment Fund of Artsakh is a body realizing the program of state
financial assistance of improvement of flat conditions of NKR citizens
by hypothec crediting. Financing of program arrangements is realized
by means of the NKR state budget. Touching upon the package of the
programs and subprograms directed to the improvement of the NKR
citizens' flat conditions, K. Essayan has noted, that the management
of the structure realizes the importance of the program. This program
started in 2008, suffered some changes in 2009. The fund collaborates
basically with three banks: "Artsakhbank", "Armbusienssbank" and
"Ameriabank" CJSC. In 2008-2009 419 claims were financed by the
banks with 2 milliard 334 million drams total sum. The assistance is
realized in three main directions: purchase of flats, construction
of flats and restoration of flats.
In the circle of the program a number of getting state assistance is
2.5 thousand. The world financial crisis had its influence also upon
the fund's activity. The above-mentioned program started in 2008 sank.
>From the beginning of the year the banks were financing the
represented claims very slowly, and only in the fourth quarter it
was possible to achieve the level of the end of 2008 year. In 2008
for the purpose of realization, the fund began to construct flats in
Stepanakert. Formation of primary market has given its results. The
number of citizens, who prefer to acquire flats from new buildings by
hypothec crediting by and by increases. In 2009 this program moved
to the regions. At present two dwellings are being constructed in
Askeran, new buildings are constructed in Martakert and Hadrut,
restoration works are going in Shushi. 109 flats will put into
operation in 2010. One of the programs started in 2009 is "pilot"
program: allocation of hypothec loans to countrymen. The program
is very cheap and available. This program gave a chance to show
financial assistance to a thousand citizens in 36 communities of the
two regions. In the direction of broadening of the program there
is already a corresponding decision. From February 1st also three
regions of the republic - Martuni, Shushi and Hadrut join this program.
In the current year the Investment Fund of Artsakh has given credits
also development of small and middle commercial activities. The Fund
suggests a complex program of industrial arrangements, which will
give a chance to organize productions of confectionery, tea, dried
fruits without voluminous investments in the main capital. K. Essayan
underlined the necessity of moving forward the local production into
inner market and in this connection he represented also a program of
foreseen arrangements. Suggestions sounded during the conference,
before bringing to life, still will be discussed in corresponding
structures. And the activity of 2009 of the Fund was estimated
satisfactory. The Fund has its web-site, relations with the society
have become close and mass-medias play a great role in this work.