Armenia and the International Bank for Reconstruction and Development have signed $284.4 million in funding and grant agreements within the framework of the Armenia Housing Response and Mortgage Market Enhancement Project.

The draft law on their ratification was approved at Thursday’s Cabinet meeting of the Armenian government. The agreements were signed on April 29 and 30. The aforesaid project aims to improve access to housing solutions for approximately 109,000 displaced persons from Nagorno-Karabakh, expand the mortgage market, and ensure the long-term development of housing policy in Armenia.

The planned funding will be implemented in phases. The Armenian government is implementing a program to assist the provision of housing to families forcibly displaced from Nagorno-Karabakh, under which 6,125 families have already received certificates.

More than 6 billion drams have already been paid from the Armenian state budget within the framework of the aforementioned program. The bill has been sent to the Armenian parliament for ratification.