On November 19, RA government passed a resolution to grant USD 500 million budget guarantee to Norashen company in order to complete construction works started. Mortgage agreement will be signed to guarantee the return of means granted.
Commenting on the resolution, RA Prime Minister Tigran Sargsyan noted that similar budget guarantees are provided to construction companies on stringent conditions (with 50% of construction works terminated).
Beside, the Premier noted that Armenian government has already granted a total of AMD 3.5 billion budget guarantee as well as around AMD 12 billion mortgage crediting to create additional activity on real estate market.
According to Prime Minister, budget guarantees provided are monitored by the public; full reports are available at RA government’s official website.
