YEREVAN, November 20. /ARKA/. During a meeting held on Thursday, the Armenian government endorsed a draft presidential decree concerning the grant aspect of the $250 million loan agreement established between Armenia and the Asian Development Bank (ADB) under the Transformative Housing Reforms for Improved Vitality and Empowerment (THRIVE) Program, which was signed on October 30 of this year.
The grant, which is being provided by the Global Financing Facility (GLF), amounts to $16.45 million and will serve to co-finance the loan program.
The objective of this program is to cultivate a stable, dynamic, and inclusive housing framework in Armenia, thereby fostering the socioeconomic integration and prosperity of refugees. It is anticipated that the program will deliver sustainable housing solutions for around 109,000 ethnic Armenian refugees from Nagorno-Karabakh.
The initiative is designed to bolster the long-term evolution of housing policy and enhance its execution processes. The financing is set to be rolled out in phases, contingent upon the attainment of specified indicators and associated outcomes.
Funding for the program will be sourced from ADB and the Global Concessional Financing Facility (GCFF).
The loan features a repayment duration of 27 years, which includes a 10-year grace period, and carries a floating interest rate of 4.93%. -0-
