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    22 families have already received grants funded by the European Union in frame of “Jerm Ojakh” program. This statistic was presented by Hayk Voskanyan, the CEO of the National Mortgage Company in the press conference that covered the annual results of the Social and energy efficiency housing financing program. During the press conference Hayk Voskanyn presented the main features and advantages of the program, statistical data on the loans and grants as well as trends of the program. ““Jerm ojakh”program has already provided 295 loans with value of 522 million AMD. In addition, 22 families have already received a grant of 10% of their loan amount which reduces their monthly payments”,- said Hayk Voskanyan adding that the program also indirectly supports local producers and resellers of energy efficient materials and equipments. Ara Nazinyan, the director of ASBA foundation presented the technical component of the program and the social impact of the “Jerm Ojakh” that allows Armenian families to reduce energy spending, create comfortable living conditions and contributes to the reproduction of energy-efficient housing stock. "This financing program is unique in terms of its social and environmental impact. The beneficiaries of the program who mostly live in the regions get both a short term financial benefit and long-term profit in the coming years by reducing costs of energy consumption",- said Ara Nazinayn and noted that this program is beneficial for the society as well because it contributes to the conservation of nature, a substantial reduction of carbon dioxide and other harmful consequences. “Jerm Ojakh” program offers affordable dram denominated loans for energy efficient renovations with 11-14% annual rate, 5-10 years repayment term and up to two years grace period. Upon fulfillment of specific criteria for energy efficiency, every beneficiary family has the opportunity to receive a bonus of 5 or 10 percent of the loan amount sponsored by the EU Neighborhood Investment Facility. The grant is transferred to the borrowers' credit accounts, reducing the outstanding loan balance. Loans are provided to families by 15 partner financial institutions which are leading banks and credit organizations of Armenia's financial market. "Jerm Ojakh" program is mainly developed for regions and have been introduced in eight marzes within Armenia. As a result, about 54% of loans with value of 277 million AMD have been provided to families in regions. “Jerm Ojakh” program is implemented by the National Mortgage Company with the financial support of Agence Française de Dévelopement (AFD). The technical assistance of the program is provided by a Consortium of Kommunalkredit Public Consulting GmbH (KPC), with participation of MicroEnergy International GmbH (MEI) and the National Social Housing Association of Armenia (ASBA) foundation and Funded by EU-NIF.

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