Energy-efficient Housing Finance | EUNewsletter

Energy-efficient Housing Finance

8 May 2014

On 29 April 2014 the launch event of “Energy-efficient Housing Finance” project took place in the Best Western Congress Hotel, Yerevan. This project has been initiated by the National Mortgage Company (NMC), the French Agency for Development, the EU Neighbourhood Investment Facility and the KfW Development bank. The project will provide over 3,000 medium- and low-income families with accessible loans to renovate their houses and focus on energy-efficiency issues, promoting energy saving technologies and equipment demand.
Executive Director of NMC Mher Edigaryan, Ambassador of France in Armenia Henri Renaud, Member of Central Bank Council Vakhtang Abrahamyan gave speeches.
Abrahamyan said that the Central Bank of Armenia highly appreciated the mortgage market, considering it the cornerstone of a sustainable economy, adding that the project could not have been implemented without the support from the European Union. He went on to express the hope that this project would become a milestone in EU-Armenia cooperation and that other innovative projects would follow.
Zara Chatinyan, Representative of the KfW Development Bank, presented the history of cooperation between the bank and Armenian financial institutions. The first stage of housing financial support was undertaken in 2006. It turned out to be so successful that it was expanded to the second stage. ‘We had two main tasks to solve: to make the dram the main currency for loans and extend the loan period, which at that time was only 3 years. We now have a long history of successful cooperation which brought us to this project,’ said Chatinyan.
Renaud noted that this project would help NMC to improve its leading position in the market. Despite the fact that the French Agency for Development only recently initiated long-term social, economic and environmental activities in Armenia, cooperation has already recorded sustainable progress.
Within the framework of the project, the French Agency for Development will provide NMC with a €10 million loan; NMC will then use this loan to refund mortgage loans provided by its partner financial companies.

Energy-efficient Housing Finance

On 29 April 2014 the launch event of “Energy-efficient Housing Finance” project took place in the Best Western Congress Hotel, Yerevan. This project has been initiated by the National Mortgage Company (NMC), the French Agency for Development, the EU Neighbourhood Investment Facility and the KfW Development bank. The project will provide over 3,000 medium- and low-income families with accessible loans to renovate their houses and focus on energy-efficiency issues, promoting energy saving technologies and equipment demand. Executive Director of NMC Mher Edigaryan, Ambassador of France in Armenia Henri Renaud, Member of Central Bank Council Vakhtang Abrahamyan gave speeches. Abrahamyan said that the Central Bank of Armenia highly appreciated the mortgage market, considering it the cornerstone of a sustainable economy, adding that the project could not have been implemented without the support from the European Union. He went on to express the hope that this project would become a milestone in EU-Armenia cooperation and that other innovative projects would follow. Zara Chatinyan, Representative of the KfW Development Bank, presented the history of cooperation between the bank and Armenian financial institutions. The first stage of housing financial support was undertaken in 2006. It turned out to be so successful that it was expanded to the second stage. ‘We had two main tasks to solve: to make the dram the main currency for loans and extend the loan period, which at that time was only 3 years. We now have a long history of successful cooperation which brought us to this project,’ said Chatinyan. Renaud noted that this project would help NMC to improve its leading position in the market. Despite the fact that the French Agency for Development only recently initiated long-term social, economic and environmental activities in Armenia, cooperation has already recorded sustainable progress. Within the framework of the project, the French Agency for Development will provide NMC with a €10 million loan; NMC will then use this loan to refund mortgage loans provided by its partner financial companies.