YEREVAN — Armenia’s National Assembly has ratified a financing agreement with the International Bank for Reconstruction and Development (IBRD) aimed at supporting housing assistance for families displaced from Nagorno-Karabakh.
The agreement, titled the “Armenia Housing Security and Mortgage Market Development Program,” was approved by 66 votes in favor and 21 abstentions.
Deputy Minister of Labor and Social Affairs Lusine Kocharyan said the program’s total financing amounts to $284.4 million, including $264.4 million in loan financing.
Of that amount, $240 million will be provided through an IBRD loan, while $24.4 million will come from a grant under a concessional financing facility.
Kocharyan explained that the funding will be disbursed in stages to support the program’s implementation.
She also noted that more than 6 billion Armenian drams have already been allocated from the state budget toward the initiative.
The agreement is intended to strengthen housing assistance for families displaced from Nagorno-Karabakh while supporting the development of Armenia’s housing and mortgage market.
