Discussion about housing finance, energy efficiency and housing microfinance spheres in Armenia

In December 17 in Yerevan took place a meeting-discussion about issues concerning housing finance in Armenia. Representatives from RA commercial banks, credit organizations and international institutions took part at the meeting. Mr. Henri Reynaud Ambassador of France in RA and Mr. Nerses Yeritsyan deputy chairman of RA Central bank were also present at the opening of the meeting.

The meeting was initiated within the scopes of joint program of National Mortgage Company (NMC) and Agence Française de Développement (AFD) the purpose of which is to increase the affordability of home improvement and energy efficiency loans for small and medium income households. The program that NMC and AFD plan to implement will concern the whole area of RA. Currently NMC cooperates with nineteen Partner Financial Institutions which gives an opportunity to rise competition in the mortgage lending market and to make mortgage loans affordable.

At the Program preparation phase Ameria Consulting Agency made a research about RA housing finance, energy efficiency and microfinance spheres which is the subject under today’s discussion. The research was financed by Agence Française de Développement and aims to reveal current housing conditions of households especially with medium income, the demand of housing condition improvement and energy efficiency increase as well. Thus, as the research shows twelve percent of households are ready to take a mortgage loan for coming three years

Mr. Henri Reynaud welcomed the meeting participants and emphasized the importance of the program in RA and wished success in the project activity implementation.

In his opening speech, Mr.Nerses Yeritsyan, noting the importance of mortgage lending for the improvement of housing conditions of household, highlighted the role of International Development Agencies in this field and hope the meeting - discussion will find new and innovative solutions for small and medium income households .

While expressing Thanks to France Government, Mr. Yeritsyan stated the confidence that the program implementing in coming year creates a base for long cooperation and will not be solely limited by mortgage sphere.