Parliament ratifies $284.4 million housing program for displaced Karabakh families

The parliament ratified the financial agreement between the Republic of Armenia and the International Bank for Reconstruction and Development for the Armenia Housing Response and Mortgage Market Enhancement Project.

The agreement on the program to support housing provision for families displaced from Karabakh was ratified with 66 votes in favor and 21 abstentions.

“The total financing for the program is $284.4 million, of which $264.4 million is loan financing. $240 million is a loan from the International Bank for Reconstruction and Development, while $24.4 million is a grant from the Global Concessional Financing Facility,” Deputy Minister of Labor and Welfare Lusine Kocharyan said.

The planned financing will be provided in stages. More than 6 billion drams have already been paid from the state budget under the program.