Martuni is a middle-size town in in the central part of Gegharkunik region of Armenia on the southern shore of the Lake Sevan, surrounded by mountains. The population of the town is about fourteen thousand people, and it serves as a hub for a number of large village communities.Many financial institutions and retails networks established their branches in Martuni due to its central location and vivid business environment. That is why the next destination for presentation of “Jerm Ojakh” social and energy efficient housing finance program was chosen Martuni. “Jerm Ojakh” is a unique chance for the families with low and average income to solve heating problems during winter period, which sometime is quite cold and long in Martuni.
The mission of the “Jerm Ojakh” program is to reduce residential energy expenses, create comfortable living conditions and promote the development of energy-efficient housing stock in Armenia. The program is created to help families to implement energy efficient renovations of their dwellings and get monetary savings in conditions of constantly increasing energy prices. It provides dram-denominated long term loans with 11-14% annual interest rate and up to 2 years grace period; the loans can be taken from local branches of partner financial institutions, which are also working in Martuni. Upon fulfillment of certain energy efficiency criteria each loan offers a 5 or 10% cash-back bonus sponsored by the EU Neighbourhood Investment Facility.
The CEO of the National Mortgage Company Mr. Hayk Voskanyan presented the general provisions, benefits and the progress of the program to Martunil stakeholders. During the meeting local residents, representatives of municipal and private institutions, local businessmen, and heads of financial institutions discussed the details of the program, its advantages and characteristics, processes of loan taking and monitoring of expenses.
“A specific feature of the program is that each family is able to measure its anticipated energy saving after the repair, discuss it with financial institution before making the decision on the loan. In addition, the program indirectly supports local suppliers and producers of energy-saving materials and equipment by creating additional market demand locally”, says Hayk Voskanyan. “Jerm Ojakh” has been already presented in 6 regions of Armenia and as of today AMD 265 Million are provided through 150 loans to the Armenian families within the framework of the program.
“Jerm Ojakh” program is implemented by the National Mortgage Company with the financial support of Agence Française de Dévelopement (AFD). 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 and funded by EU-NIF.