The RA Minister of Finance, Vahe Hovhannisyan participated in the annual meeting of the Steering Committee of the World Bank's Global Concessional Financing Facility (GCFF).
Minister Hovhannisyan thanked his partners for their effective cooperation and joint initiatives, which promote the inclusive and sustainable development of Armenia, playing an important role in mobilizing concessional financial resources and effectively responding to socio-economic challenges.
During the session, the RA Minister of Finance, Vahe Hovhannisyan and the Acting Country Director of the Asian Development Bank (ADB) Resident Mission in Armenia, Luke Fochtman signed the “Transformative Housing Reforms for Improved Vitality and Empowerment” (THRIVE) loan and grant agreements, the aim of which is to develop a resilient and inclusive housing system in Armenia, supporting the resolution of integration and socio-economic problems resulting from displacement from Karabakh.
The program will be financed through resources provided by the Asian Development Bank and the Global Concessional Financing Facility, within the framework of which the ADB will extend a loan of USD 250,000,000 to the Republic of Armenia. The grant funds provided by the Global Concessional Financing Facility, amounting to USD 16,450,000, will be directed toward the co-financing of the loan program.
