Don’t be afraid of strong4 winter and increasing energy prices, be prepared to it with renovated energy-efficient house, which can help you save money, while keeping your apartment warm”, this was the main message discussed at the community meeting in Charentsavan town of Kotayk region.On July 21 the “Jerm Ojakh” social and energy efficient housing finance program was presented in one of the most industrial towns of Kotayk region with relatively old multi-apartment housing stock. Representatives of local condominiums, educational institutions, municipality, local businesses, partner financial institutions and local media were participating to the event at the town Art Center. During the meeting Haik Voskanyan, the CEO of the National Mortgage Company presented the terms and conditions, as well as the benefits and current progress of the program. The meeting participants discussed the current challenges at housing sector and opportunities of the program for households and local businesses.
The main purpose of the “Jerm Ojakh” program is to reduce residential energy expenses and to promote the development of energy-efficient housing stock in Armenia. The new facility aims to provide Armenian households with affordable, dram-denominated long term loans for energy efficient renovations with 11-14% annual interest rate and up to 2 years grace period. Each loan offers a 5% or 10% cash-back bonus provided by the EU Neighbourhood Investment Facility in case of fulfilment of certain energy efficiency criteria. Currently the “Jerm Ojakh” loans are available for residents of Charentsavan through local branches of three large financial institutions (ACBA Credit Agricole Bank, Ardshinbank and Conversebank).
“As of today, over AMD 190 million are provided through 109 loans to the Armenian families within the framework of “Jerm Ojakh” program. The affordable financing provides good opportunities for Charentsavani families to save money while keeping their houses warm. At the same time it creates new market for local suppliers and producers of energy-saving materials and equipment” – said Haik Voskanyan, the CEO of the National Mortgage Company.
“Jerm Ojakh” Social and Energy Efficiency Housing Finance Program in Armenia has been developed by the Agence Française de Développement and is being implemented by the National Mortgage Company through its partner banks and credit organizations. 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.