French Development Agency and National Mortgage Company announced the start of the second phase of housing energy efficiency program

National Mortgage Company (NMC) and French Development Agency (AFD) signed today an equivalent of EUR 20 million loan agreement to finance “Jerm Ojakh” – an affordable lending program financing energy-efficiency improvements to houses in Armenia. Credit facility agreement is signed by NMC chief executive officer Edmond Vardumyan and Head of AFD regional office for the South Caucasus Rafael Jozan.
The purpose of the Program is to stimulate energy-efficient renovation of housing for low and middle-income population, especially in rural areas and secondary cities. The Program is a continuation of successfully implemented “Jerm Ojakh” program financed with an equivalent of EUR 10 million loan from French Development Agency and EUR 1.5 million grant fund from EU. During the first phase about 8000 households-mostly in rural areas-benefited from AFD loan and EU grant and improved their housing conditions.
AFD doubles the financing for the second phase for more widespread implementation of energy efficiency improvements to housing, which will have a lasting positive impact on the Armenian economy. New program loans will be available to households in the range of AMD 275,000-3,000,000 with a maturity of at least 5 years, on concessional terms. 
National Mortgage Company was established in 2009 by the Central Bank of Armenia with the purpose of developing the local mortgage market, increasing access to housing finance, and integration of housing refinancing and capital markets through financial instruments.  
AFD has been present in Armenia since 2012, financing development projects via sovereign and non-sovereign loans mainly in the sectors of agricultural and territorial development, energy efficiency, and infrastructure. In addition, AFD helps guide public policy reforms and has a mandate for proposing urban development projects.