NMC and AFD sign agreement to expand affordable and social housing

On 1 October 2026, the National Mortgage Company and Agence Française de Développement signed a USD 23 million financing agreement denominated in Armenian drams, marking a significant milestone for Armenia's housing sector. The Agreement was signed on behalf of the National Mortgage Company by Mr. Edmond Vardumyan, Chief Executive Officer of the National Mortgage Company, and on behalf of Agence Française de Développement by Mrs. Rima Le Coguic, Regional Director for the European Neighbourhood and Enlargement.

This is AFD's first local currency loan in the region, placing affordable and social housing at the heart of Armenia's inclusive development agenda.

The financing is expected to benefit approximately 850 people, with a particular focus on refugees from Nagorno-Karabakh (at least 50% of the facility) and women. Through its partner banks, NMC will channel the funds directly to Armenian families seeking to purchase, build, or renovate homes, helping expand access to safe, affordable housing for those who need it most.

The initiative is further supported by the European Union, which will provide interest rate support, while grant-funded technical assistance will strengthen NMC's capacity to address the social, environmental, and climate-related aspects of housing finance.

Armenia continues to face significant housing challenges, from an aging housing stock to the ongoing need for permanent housing solutions for refugee families. This agreement represents a tangible step toward addressing these challenges and advancing long-term, sustainable access to affordable and social housing across the country.