“Jerm Ojakh” in Ashtarak [hy] «Ջերմ Օջախ»-ը Աշտարակում
Ashtarak, July 17, 2015.

On July 17 “Jerm Ojakh” social and energy efficient housing finance program was introduced in Ashtarak town, the regional centre of Aragatsotn region of Armenia.
Relative proximity to Yerevan, severe winter conditions, lack of maintenance of existing housing stock in town and well developed banking system in town create fertile ground for “Jerm Ojakh” program in Ashtarak.
During the community meeting Mr. Haik Voskanyan, the CEO of the National Mortgage Company presented the general provisions, benefits and the progress of the program to local stakeholders. The 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 the town.

The purpose of the “Jerm Ojakh” program is to reduce residential energy expenses, create comfortable life and to promote the development of energy-efficient housing stock in Armenia. The program will help families to implement energy efficient renovations of their dwellings and get monetary savings in conditions of constantly increasing energy prices by providing dram-denominated long term loans with 11-14% annual interest rate and up to 2 years grace period. In addition each loan offers a 5 or 10% cash-back bonus sponsored by the EU Neighbourhood Investment Facility upon fulfilment of certain energy efficiency criteria. The loans are available through local financial institutions and credit organizations, many of which have their branches in Ashtarak town.

According to Haik Voskanyan, “The program provides affordable financial means for local residents with low and average income with long term social impact. One of the specifics of the program is that every familiy can estimate its anticipated energy saving before making the decision on the loan and type of renovation. In addition, the program indirectly supports local suppliers and producers of energy-saving materials and equipment, by creating additional market demand locally. As of today, already 109 loans with total amount of AMD 190 million are provided to the Armenian families within the framework of “Jerm Ojakh” program.”

“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 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.

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