Press Releases



The Black Sea Trade and Development Bank (BSTDB) is responding to the growing demand for local currency financing in Armenia and is offering its first loan in Armenian dram funded by its debut public placement of the bond. BSTDB extends AMD 2 billion mortgage refinancing facility to National Mortgage Company (NMC). The proceeds of the loan will be used by NMC to support the development and expansion of the mortgage market in Armenia. BSTDB is facilitating the access of the population to quality housing and ultimately to improved living conditions. The structure of the deal will also contribute to the development of the capital market infrastructure in Armenia.


This complex transaction, comprised of a local currency loan and bond, with fully matching parameters and synchronized in time to mitigate currency and interest rate risks, makes it unique for BSTDB, not only for being an inaugural local currency loan in Armenia, but also a debut issue of the bond in Armenia, and the first public offering of the Bank’s corporate bond in all Member States.


“We are very happy to close this landmark transaction, which demonstrates excellent cooperation of our partner teams and ability to create innovative products which the market needs. This financing will support the Armenian Government’s efforts to accelerate growth both in the mortgage and capital markets. It is a great privilege for BSTDB to be part of the process”, commented Igor Leshukov, BSTDB Vice President Banking.


Hayk Voskanyan, General Director of NMC, mentioned the following: “Working with BSTDB has been a model experience of good teamwork in achieving the common goal of strengthening the growing mortgage market in our country. We hope this is just the beginning of a long and rewarding cooperation.”


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National Mortgage Company (NMC) is founded in 2009 as a full subsidiary of Central Bank of Armenia to facilitate the development of the mortgage market in Armenia. NMC’s main objective is to increase access to housing finance for middle-income families to improve their living conditions. NMC is a refinancing credit organization focused on providing long-term liquidity to eligible banks and credit organizations engaged in mortgage financing to the individuals, and on integrating housing refinancing and capital markets by means of financial instruments. Its mission is to provide liquidity, stability and affordability to mortgage market in Armenia. For more information on NMC, visit


The Black Sea Trade and Development Bank (BSTDB) is an international financial institution established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Turkey, and Ukraine. The BSTDB headquarters are in Thessaloniki, Greece. BSTDB supports economic development and regional cooperation by providing loans, credit lines, equity and guarantees for projects and trade financing in the public and private sectors in its member countries. The authorized capital of the Bank is EUR 3.45 billion. BSTDB is rated long-term “A-” by Standard and Poor’s and “A2” by Moody’s. For information on BSTDB, visit


Press contact:

Haroula Christodoulou

Phone: +30 2310 290533