Armenia’s National Assembly on October 12 ratified loan and grant agreements with the International Bank for Reconstruction and Development (IBRD, part of the World Bank Group) worth a total of $284.4 million. The package was approved by 66 votes in favor, with none against and 21 abstentions.
The funding will go toward a program focused on housing support and the development of Armenia’s mortgage market. The financing and grant agreements between Armenia and the IBRD were signed on April 29 and 30, 2026.
The $284.4 million program is designed to improve access to housing solutions for around 109,000 forcibly displaced people from Nagorno-Karabakh, deepen and expand the mortgage market, and strengthen long-term housing policy development and implementation. It has three components: housing subsidies and institutional support, development of the housing finance market, and program management, communication, monitoring and evaluation.
The financing will be disbursed in stages subject to agreed targets and results. The package includes $240 million in IBRD loan funds, a $24.4 million grant from the Global Concessional Financing Facility (GCFF), a $10 million grant from the Livable Planet Fund (LPF), and another $10 million IBRD loan to the National Mortgage Company for the second component of the program.
Deputy Minister of Labor and Social Affairs Lusine Kocharyan said the overall estimated cost of the state housing support program for displaced families is about $880 million. According to her, around 45,000 displaced people will receive cash support, while 6,500 families will be able to obtain housing certificates. She also said the $240 million IBRD loan has a 29-year maturity, including a 10-year grace period, carries a floating interest rate, and is to be repaid by December 31, 2030.
Earlier, Labor and Social Affairs Minister Arsen Torosyan said that as of October 5, 2026, 8,563 families displaced from Nagorno-Karabakh had received housing purchase certificates, of which 4,911 had been used. The Armenian authorities also plan to increase the value of housing certificates for displaced families living in communities adjacent to Yerevan from 3 million to 4 million drams.
