Armenia and the International Bank for Reconstruction and Development (IBRD) have signed financial and grant agreements worth $ 284.4 million within the framework of the housing and mortgage market development program in the country. Deputy Minister of Labor and Social Affairs Lusine Kocharyan stated this on Monday during the National Assembly debates on the draft of ratification of this funding agreement with the IBRD.

The program, Kocharyan said, is aimed at improving access to housing solutions for about 109,000 displaced persons, expanding the mortgage market, as well as the long-term development of housing policy in Armenia.

The planned funding will be implemented in phases.

The government of Armenia is implementing a housing assistance program for Armenian families forcibly displaced from Nagorno-Karabakh, under which 6,125 families have so far received respective certificates.

More than 6 billion drams have already been paid from the Armenian state budget under this program.