Yerevan, November 1, 2012. Within the framework of the renovation project of common use premises in multi-apartment buildings the roof renovation of the second building has already started in the Vanadzor city. Habitat for Humanity Armenia Foundation, together with Inecobank CJSC is implementing a two-year repair project of apartment buildings, the aim of which is to help 200 families living in apartment buildings to repair common use premises including roofs, entrances, water pipes, elevators, as well as ensure heat isolation of the buildings. The pilot project launched in Vanadzor city of Lori region in July 2011, apartment buildings of which have abundant issues relating to conditions of common use premises. The project is implemented in close cooperation with Vanadzor municipality, and as a result the latter provides 40% subsidy. Habitat for Humanity Armenia plans to expand the scope of the project throughout Armenia by implementing it in all regions of RA. “I should note that this project is very important and at the same time is hard to implement since citizens of RA do not attach importance to the improvement of common use premises and are not ready to pay for solving these problems. In this respect a lot of work should be done to increase the role and responsibility of the residents towards the improvement of common use premises. Since 2011 Habitat for Humanity Armenia has been carrying out awareness-raising activities in this field, and today we can see the results. On behalf of our staff I would like to express my deepest gratitude to the mayor of Vanadzor Samvel Darbinyan for his invaluable assistance and I hope that our close cooperation will be a prerequisite to the partnership with other municipalities of RA.”- said Karine Mailyan Housing Finance Manager of Habitat for Humanity Armenia foundation. Gagik Arzumanyan, Branch Manager of Inecobank in Vanadzor, mentioned “Being a socially responsible organization, we are glad that Inecobank and Habitat for Humanity Armenia Foundation joined efforts to launch the roof renovation of the second building within the scopes of the project. The start shows that the level of awareness in the field of financial services is increasing and communities show willingness to start an effective cooperation with the Bank. It is noteworthy, that the issue of upgrading common use premises can successfully be solved through a most efficient financial product developed by Inecobank for this project.” *** Habitat for Humanity Armenia is the national office of Habitat for Humanity International in Armenia. Habitat for Humanity Armenia Foundation is a Christian non-profit organization dedicated to the cause of eliminating poverty housing and improving housing conditions of families with low income. Habitat Armenia renovates and repairs homes, and advocates for simple and affordable housing. It has been active since 2000 and has supported more than 1700 families through reconstruction and repairs, as well as provision of housing micro-finance services in partnership with financial organizations. For more information visit www.habitat.am *** Inecobank CJSC was established in 1996 and is a dynamically developing bank offering universal services in the financial services market in Armenia. Its goal is to promote the development of private sector – acting as a reliable and loyal partner and consultant for micro, small and medium business and individuals. As of 31 March 2012 the bank had AMD 86 billion in assets, and AMD 15.9 billion as fixed capital. Inecobank has over 25 foreign partners which include International Finance Corporation (IFC), German Investment and Development Company (DEG), European Bank for Reconstruction and Development (EBRD), Asian Development Bank (ADB) and others. For more information about Inecobank, visit: http://www.inecobank.am

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