Today “Jerm Ojakh” social and energy efficient housing finance program was presented in Hrazdan town, the regional centre of Kotayk marz of Armenia.
During the community meeting Hayk Voskanyan, the CEO of the National Mortgage Company, introduced the general provisions, benefits and the progress of the program to the local stakeholders. This event brought together representatives of local condominiums, educational institutions, municipality, local businesses, partner financial institutions and local media which discussed benefits and opportunities of the program for households and local businesses in Kotayk.
The purpose of the “Jerm Ojakh” program is to enable low and middle-income households to renovate their dwellings, create comfortable life, reduce residential energy expenses and promote the development of energy-efficient housing stock in Armenia. Thanks to the program, any Armenian family can get dram-denominated long term loans with 11-14% annual interest rate and up to 2 years grace period. The loan will help families to implement energy efficient renovations of their dwellings and get monetary savings in conditions of constantly increasing energy prices. Additionally, each loan offers a 5-10% cash-back bonus sponsored by the EU Neighborhood Investment Facility upon fulfilment of certain energy efficiency criteria. The loans and bonuses are provided to the beneficiaries through local Armenian financial institutions; many of them have branches in Hrazdan town and Kotayk region.
“Jerm Ojakh provides unique opportunities in current financial market of Armenia. The program presents new possibilities for low and middle income families, providing affordable financial means with long term social impact. It is getting popularity in many towns and regions throughout the country. As of today, over 140 Mln AMD are provided through 85 credits to the Armenian families within the framework of “Jerm Ojakh”. The program also supports indirectly local suppliers and producers of energy-saving materials and equipment”, said Hayk Voskanyan.
“Jerm Ojakh” Social and Energy Efficiency Housing Finance Program in Armenia has been developed by the Agence Française de Développement and is implemented by the National Mortgage Company. The technical assistance of the “Jerm Ojakh” program is provided by a Consortium of Kommunalkredit Public Consulting GmbH (KPC), with participation of MicroEnergy International GmbH (MEI) and the National Social Housing Association of Armenia (ASBA) foundation, with a financial support from EU – NIF.