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The National Mortgage Company (NMC) hosted the “Jerm Ojakh” Social & Energy Efficiency Housing Finance Program launch event in the “Erebuni Plaza” Business Center on February 26, 2015 in Yerevan. The host brought together the Agence Française de Developpement (AFD), the Delegation of the European Union to Armenia with the representatives of the banking community, suppliers of energy efficient equipment and media. The details of the program and the new website were introduced during the launch event.

“Jerm Ojakh” is a credit line developed by the Agence Française de Developpement (AFD) and implemented under the auspices of National Mortgage Company through Armenian partner financial institutions. The main product of the credit line is affordable, dram-denominated loans offered to Armenian households for energy efficient renovation. “Jerm Ojakh” loans should enable low and middle-income households to renovate their habitation, improve living conditions and quality of life, reduce residential energy expenses, as well as promote the development of energy-efficient housing stock in towns and villages of Armenia. Each loan offers a 5-10% cash-back-bonus provided by the EU Neighbourhood Investment Facility (EU-NIF) upon fulfilment of certain energy efficiency criteria.

“Jerm Ojakh” was developed by the AFD with technical assistance funds provided by the European Union Neighbourhood Investment Facility. The technical assistance component includes support to local financial institutions in development of the banking product. Kommunalkredit Public Consulting GmbH from Austria leads the implementing consortium that provides technical assistance and is supported by Armenia’s National Social Housing Association ASBA, Concordiste and MicroEnergy.

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