The World Bank’s Board of Executive Directors today approved $250 million in financing for the Armenia Housing Response and Mortgage Market Enhancement Project to improve access to affordable housing for refugee households while strengthening the country’s housing and mortgage systems.

The Bank reported that the financing package includes a $24.4 million grant provided by the Global Concessional Financing Facility and a $10 million grant from the International Bank for Reconstruction and Development Surplus-Funded Livable Planet Fund. 

“Supporting Armenian families to recover and settle into stable homes is central to this project, and it also helps stabilize the housing market and bolster economic performance. We’re pairing near-term assistance with investments that will strengthen Armenia’s systems for years to come,” said Fabrizio Zarcone, World Bank Country Manager for Armenia.

It is noted that in support of the government’s Refugees Housing Support State Program, the project will deliver immediate rental assistance to over 40,000 refugees and help about 6,500 refugee households acquire permanent homes through mortgage subsidies. It will also provide financial support to the National Mortgage Company (NMC) to facilitate refinancing for those commercial banks that would offer mortgage loans within the housing program and upgrades to the Refugee Housing Support State Program’s management systems.