ADB Approves Housing Finance Program to Support Ethnic Armenian Refugees

MANILA, PHILIPPINES (25 September 2025) — 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 social and economic conditions in the country.

The Transformative Housing Reforms for Improved Vitality and Empowerment (THRIVE) Program will contribute toward financing and addressing the long-term, sustainable housing needs of approximately 109,000 refugees who fled to Armenia around September 2023. To support the program, ADB will also administer a $16.45 million grant provided by the Global Concessional Financing Facility.

“The development of Armenia’s housing finance sector is essential for the country’s economic growth, poverty reduction, and inclusiveness goals,” said ADB Country Operations Head for Armenia Luke Fochtman. “ADB will support the government in financing and implementing a strategic, relevant, and measurable approach to social housing.”

In support of the government’s housing program under Decree N 710-L and its broader social housing policy objectives, ADB’s loan will finance mortgages and rental subsidy schemes for vulnerable groups.

THRIVE will improve the social housing governance policy framework, establish resilient and inclusive housing finance systems, improve market regulations and financing mechanisms, strengthen institutions, and enhance the financial knowledge of its beneficiaries.

Specific key initiatives supported under the program include the harmonization of social benefits; a long-term strategy to address emerging housing needs; seismic resilience of the homes of beneficiaries; livelihood and economic opportunities, including for households headed by women; the participation of Armenian private commercial banks; and strengthening capital markets to raise financing from institutional investors in the private sector.

Armenia joined ADB in 2005, and the bank has committed more than $2 billion in loans, grants, and technical assistance to the country.

ADB is a leading multilateral development bank supporting inclusive, resilient, and sustainable growth across Asia and the Pacific. Working with its members and partners to solve complex challenges together, ADB harnesses innovative financial tools and strategic partnerships to transform lives, build quality infrastructure, and safeguard our planet. Founded in 1966, ADB is owned by 69 members—50 from the region.