At a special session Wednesday, the National Assembly of Armenia ratified the loan and grant agreements with the Asian Development Bank (ADB) under the Transformative Housing Reforms for Improved Vitality and Empowerment (THRIVE) Program.

Under these agreement, the ADB will provide Armenia with $250 million.

Armenia, within the framework of the government decision of May 16, 2024, is implementing a state support program for housing for Armenian families forcibly displaced from Nagorno-Karabakh. Currently, 3,100 such families have received certificates under the program, of which 1,140 have already used them.

Under the aforesaid program, more than 2 billion drams have already been allocated from the Armenian state budget.

The $250 million loan will be provided under the following conditions, in particular:

The loan interest rate is floating.

The deadline for loan provision is December 31, 2030.

The loan term will be 27 years, including a 10-year grace period.