All Sorts of Loans for All Sorts of People!

I've always said that Armenia needs Western-style banks to truly rise above the others. You know, credit cards, 30-year mortgages, business loans, etc. Looks like a certain bank is now experimenting with just that on a respectable scale.

"BTA Investbank" (Armenia) opened a centre of retail crediting...

The centre will receive and examine individual applications for loaning.
In particular, applications for mortgage credits, repair loans, car-purchase loans, and consumer credits will be accepted.

Kosanov added that clients will be given overdrafts by means of local ArCa cards.

By the way, I should mention that the fellow in the picture is Rasul Kosanov, executive director of the bank. Doesn't sound Armenian, does it? Of course not: the bank is half owned by one of the largest banks in Kazakhstan!

Source: Arka

Armenia and Kazakhstan Sign Important Agreements

And they say Borat never helped Kazakhstan.

The two countries signed an intergovernmental agreement on citizens' trips, a convention on avoiding double taxation, an agreement on investment protection and a cultural cooperation agreement.

"As a result of talks, we confirmed the urge of our states to further strengthen our relations. Increasing trade and economic ties will contribute to this, for Kazakhstan's business and capital not to be afraid to go to Armenia," he [Nazarbayev] said.

Armenia is doing the right thing, as it needs every friend it can get in the region. What is especially noticeable is how Armenia and other former Soviet states have realized that they need each other to survive, which is a far cry from the initial reaction to freedom by most of these countries, which was akin to economic isolationism. Maybe that's why it took Armenia 15 years for its GDP to surpass Soviet levels.

Source: Portalino