The Asian Development Bank (ADB) has approved a $250 million results-based loan to support Armenia’s social housing policy, provide long-term housing for ethnic Armenian refugees, and improve the country’s social and economic conditions. The Transformative Housing Reforms for Improved Vitality and Empowerment (THRIVE) Program will address the sustainable housing needs of approximately 109,000 refugees who arrived in Armenia around September 2023. In addition, ADB will administer a $16.45 million grant from the Global Concessional Financing Facility to support the program.
Luke Fochtman, ADB Country Operations Head for Armenia, emphasized that developing Armenia’s housing finance sector is critical for economic growth, poverty reduction, and social inclusiveness. The bank will assist the government in financing and implementing a strategic and measurable approach to social housing through the THRIVE Program.
ADB’s loan will finance mortgages and rental subsidy schemes for vulnerable groups in line with the government’s housing program under Decree N 710-L and broader social housing policy objectives. The program aims to improve governance in social housing, establish resilient and inclusive housing finance systems, strengthen institutions, enhance market regulations, and improve financial literacy among beneficiaries.
Key initiatives under THRIVE include harmonizing social benefits, developing a long-term strategy for emerging housing needs, ensuring seismic resilience of homes, creating livelihood and economic opportunities—particularly for women-headed households—and promoting participation by Armenian private commercial banks. The program also seeks to strengthen capital markets to attract financing from institutional investors in the private sector.
Since joining ADB in 2005, Armenia has received more than $2 billion in loans, grants, and technical assistance. ADB continues to support inclusive, resilient, and sustainable growth across Asia and the Pacific, leveraging innovative financial tools and strategic partnerships to improve lives, build quality infrastructure, and protect the environment. Founded in 1966, ADB is owned by 69 members, including 50 from the region.
