Housing finance III-V phases

The "Housing finance phase III" program was launched in 2013 to promote loans for the purchase, construction, and renovation of real estate in Armenia. Within the scope of this program, 1,632 loans were originated, including:

  • 16 for the construction of individual residential houses,
  • 473 for the renovation of individual houses or apartments,
  • 1,143 for the purchase of individual houses or apartments.

The "Housing finance phase IV" program was launched in 2017 with the aim of promoting housing finance in regional settlements and providing energy-efficient housing loans. As part of this program, 1,271 loans were originated, including:

  • 906 in the regions of Armenia,
  • 54 energy-efficient loans.

The "Housing finance phase V" or "Im Tanik" program was launched in 2021 with the aim of promoting the market for energy-efficient housing loans, encouraging energy savings, and contributing to the reduction of greenhouse gas emissions in Armenia. A key component of the program was the provision of housing loans in regional areas.

During this phase, the Company developed an energy efficiency assessment tool, accessible to the public. This tool allowed beneficiaries to evaluate the extent of energy savings and the reduction in greenhouse gas emissions resulting from their investments. Additionally, the program introduced the requirement for energy audits of multi-apartment buildings, resulting in several buildings in Armenia receiving energy passports.

Housing finance III-V phases

Housing finance III-V phases

The collaboration between the Company and the German KfW Bank began in 2013 with the "Housing finance phase III" program. This was subsequently followed by the "Housing Finance Phase IV" and "Housing Finance Phase V" programs. Under this collaboration, approximately 3,549 loans have been provided through the Company’s partner financial institutions.

During the program, 646 loans were issued, including:

  • 341 in the regions of Armenia,
  • 156 energy-efficient loans.

"Im Tanik" program yielded notable savings, including:

  • Energy savings from subprojects: 1,478.9 MW*h/year,
  • Energy savings from projects: 16,443.7 MW*h/year,
  • Reduction of greenhouse gas emissions from subprojects: 387.51 tons/year,
  • Reduction of greenhouse gas emissions from projects: 4,308.7 tons/year.

The program concluded in 2022.