Armenia to Improve Access to Affordable Housing for Refugees and Catalyze Private Investments to Mortgage Market with World Bank Support
24.12.2025,
11:58
The World Bank’s Board of Executive Directors approved on Tuesday $250 million in financing for the Armenia Housing Response and Mortgage Market Enhancement Project to improve access to affordable housing for refugee households while strengthening the country’s housing and mortgage systems.
YEREVAN, December 23, /ARKA/. The World Bank’s Board of Executive Directors approved on Tuesday $250 million in financing for the Armenia Housing Response and Mortgage Market Enhancement Project to improve access to affordable housing for refugee households while strengthening the country’s housing and mortgage systems.
According to a World Bank press release, the financing package includes a $24.4 million grant provided by the Global Concessional Financing Facility and a $10 million grant from the International Bank for Reconstruction and Development Surplus-Funded Livable Planet Fund.
“Supporting Armenian families to recover and settle into stable homes is central to this project, and it also helps stabilize the housing market and bolster economic performance,” said Fabrizio Zarcone, World Bank Country Manager for Armenia. “We’re pairing near-term assistance with investments that will strengthen Armenia’s systems for years to come.”
In support of the government’s Refugees Housing Support State Program, the project will deliver immediate rental assistance to over 40,000 refugees and help about 6,500 refugee households acquire permanent homes through mortgage subsidies. It will also provide financial support to the National Mortgage Company (NMC) to facilitate refinancing for those commercial banks that would offer mortgage loans within the housing program and upgrades to the Refugee Housing Support State Program’s management systems.
The project will also help strengthen institutional and housing policy frameworks and enhance NMC’s corporate governance. Implementation will be led by the Ministry of Labor and Social Affairs and NMC, with strategic oversight by a government steering committee.
The project complements parallel support from development partners, including the Asian Development Bank, and aligns with ongoing efforts by international development partners such as the Office of the United Nations High Commissioner for Refugees (UNHCR), United Nations Development Programme (UNDP), International Organization for Migration (IOM), and civil society organizations to provide humanitarian assistance, facilitate integration, and expand livelihoods for the refugees.
Together, these investments will expand access to housing finance, catalyze private sector investment in the mortgage market, and help Armenia move towards a more sustainable, resilient, and inclusive housing system.
The Global Concessional Financing Facility (GCFF) has provided Armenia $40.40 million in grants, enabling $350 million in loans on concessional terms from the World Bank to support host communities and refugees in education, housing, and refugee policies. The GCFF contribution made available to Armenia under this project was provided by the Governments of Japan, the Netherlands and Sweden.
The World Bank is committed to continuing its support to Armenia in its development path for reducing poverty on a livable planet. Since 1992, the World Bank has provided around $3 billion, including a current portfolio of around $420 million in investment lending in addition to grants, analytical work, and technical assistance to Armenia from the International Bank for Reconstruction and Development (IBRD), trust funds, and the International Development Association (IDA), to which Armenia also became a donor in 2023.
According to a World Bank press release, the financing package includes a $24.4 million grant provided by the Global Concessional Financing Facility and a $10 million grant from the International Bank for Reconstruction and Development Surplus-Funded Livable Planet Fund.
“Supporting Armenian families to recover and settle into stable homes is central to this project, and it also helps stabilize the housing market and bolster economic performance,” said Fabrizio Zarcone, World Bank Country Manager for Armenia. “We’re pairing near-term assistance with investments that will strengthen Armenia’s systems for years to come.”
In support of the government’s Refugees Housing Support State Program, the project will deliver immediate rental assistance to over 40,000 refugees and help about 6,500 refugee households acquire permanent homes through mortgage subsidies. It will also provide financial support to the National Mortgage Company (NMC) to facilitate refinancing for those commercial banks that would offer mortgage loans within the housing program and upgrades to the Refugee Housing Support State Program’s management systems.
The project will also help strengthen institutional and housing policy frameworks and enhance NMC’s corporate governance. Implementation will be led by the Ministry of Labor and Social Affairs and NMC, with strategic oversight by a government steering committee.
The project complements parallel support from development partners, including the Asian Development Bank, and aligns with ongoing efforts by international development partners such as the Office of the United Nations High Commissioner for Refugees (UNHCR), United Nations Development Programme (UNDP), International Organization for Migration (IOM), and civil society organizations to provide humanitarian assistance, facilitate integration, and expand livelihoods for the refugees.
Together, these investments will expand access to housing finance, catalyze private sector investment in the mortgage market, and help Armenia move towards a more sustainable, resilient, and inclusive housing system.
The Global Concessional Financing Facility (GCFF) has provided Armenia $40.40 million in grants, enabling $350 million in loans on concessional terms from the World Bank to support host communities and refugees in education, housing, and refugee policies. The GCFF contribution made available to Armenia under this project was provided by the Governments of Japan, the Netherlands and Sweden.
The World Bank is committed to continuing its support to Armenia in its development path for reducing poverty on a livable planet. Since 1992, the World Bank has provided around $3 billion, including a current portfolio of around $420 million in investment lending in addition to grants, analytical work, and technical assistance to Armenia from the International Bank for Reconstruction and Development (IBRD), trust funds, and the International Development Association (IDA), to which Armenia also became a donor in 2023.
