The Board of Executive Directors of the World Bank has approved $250 million in financing to support the “Housing Support and Mortgage Market Development Program in Armenia.”

The World Bank’s Armenia office said the operation aims to ensure access to affordable housing for refugee families and to strengthen the country’s housing and mortgage systems, Armenpress reports.

The financing package includes two grants: $24.4 million from the Global Concessional Financing Facility and $10 million from the Livable Planet Fund through surplus financing of the International Bank for Reconstruction and Development.

“The main objective of this program is to help Armenian families secure long-term housing and to contribute to stabilizing the housing market and improving sector performance. We are combining short-term assistance with investments that will strengthen systems in Armenia over the coming years,” said Fabrizio Zarcone.

To support the state housing assistance program, the initiative has already provided immediate rental support to more than 40,000 refugees and helped around 6,500 refugee families acquire permanent housing through mortgage subsidies. It has also extended financial support to the National Mortgage Company to facilitate refinancing by commercial banks offering mortgage loans under the program and to modernize management systems for refugee housing assistance.

The program will further strengthen institutional and housing policy frameworks and improve the corporate governance of the National Mortgage Company.

Implementation will be led by the Ministry of Labor and Social Affairs and the National Mortgage Company, under strategic oversight by the government’s Control Committee.

The program complements sectoral initiatives by development partners, including parallel support from the Asian Development Bank. It also aligns with ongoing humanitarian and integration efforts by international partners such as the UNHCR, the UNDP, the IOM, and civil society organizations. Together, these investments are expected to expand access to housing finance, stimulate private-sector participation in the mortgage market, and help Armenia move toward a more resilient, long-term, and inclusive housing system.