The Armenian government has approved a bill to secure $284.4 million from the International Bank for Reconstruction and Development. These funds are earmarked for addressing the housing needs of individuals forcibly displaced from Nagorno-Karabakh.
According to the decision's rationale, at least $250 million of the $284 million constitutes non-concessional loan funds. The remaining $34 million will be provided to Armenia as a grant.
The Housing and Mortgage Market Development Program in Armenia aims to improve access to housing solutions for 109,000 forcibly displaced individuals, while also deepening and expanding the mortgage market.
The program consists of three main components: the first involves housing subsidies, and the second focuses on the development of housing market financing. The third component is dedicated to ensuring program management, communication, and monitoring.
