At today’s Cabinet session, the government of Armenia approved the proposal to sign a $250-million loan agreement for the Transformative Housing Reforms for Improved Vitality and Empowerment (THRIVE) Program.

Under this agreement, Armenia will receive a new loan from the Asian Development Bank (ADB) to continue the state housing program for the Armenians who were forcibly displaced from Artsakh (Nagorno-Karabakh).

According to the respective explanation, within the framework of the state support program for housing displaced families from Artsakh, 3,100 families have currently received certificates, of which 1,140 have utilized them. Over 2 billion drams from Armenia’s state budget have already been spent within the framework of this program. Based on these figures and rates, the Armenian government considers it appropriate to sign the agreement.

The $250-million loan will be provided to Armenia for a term of 27 years, including a 10-year grace period. The loan interest rate is floating. The principal amount shall be repaid in 34 equal semiannual installments from December 15, 2035, to June 15, 2052.

It is noted that, according to the Migration and Citizenship Service of the Ministry of Internal Affairs of Armenia, since September 2023, a total of 115,365 Armenians have been forcibly displaced from Artsakh. And as of July 3, a total of 9,346 of them have acquired Armenian citizenship.