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The government will allocate 2.5 million AMD for the down payment of the mortgage loan of servicemen. loan interest rates and state subsidy amounts will be specified


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A regular Cabinet meeting was held today, chaired by Prime Minister Nikol Pashinyan.

The executive adopted a decision in order to clarify the interest rates of loans and the amount of subsidies from the state within the framework of the long-term mortgage lending program with affordable and preferential terms for contract servicemen of officer and senior officer ranks. A number of discussions related to the course of the project, the existing problems and their solutions were held and it was found appropriate to provide the subsidy for down payment by the state in a specific amount, setting 2,500,000 AMD, in case of purchasing an apartment built or under construction in a multi-apartment residential building, or a residential house under construction directly from the developer, the annual interest rate of the loan will be set at a maximum of 11 percent, of which 5 percentage points will be subsidized by the state. Considering also the number of servicemen who benefited from the program in 2020-2022 and actually signed a contract, it is also proposed to provide an opportunity to use the program to all 1111 applicants who submitted an application in 2023 and are registered in the register of participants.

Commenting on the decision, Nikol Pashinyan noted. "We initially planned that we could finance the purchase of 500 such apartments per year, but now, seeing that the interest is greater, we decided to make sure that those who apply are not rejected."

The Government adopted a decision that will contribute to increasing the level of new, high-productivity equipment of small and medium-sized enterprises in the field of processing industry, increasing the investment attractiveness of Armenia in exportable industries.

As mentioned by Economy Minister of Armenia Vahan Kerobyan, equipment worth 13 billion AMD was purchased only in the last month. In order to improve the project, it is recommended to subsidize loans for capital construction related to the installation of equipment. "With this project, we also propose to subsidize the costs of installing equipment and production line equipment, but not more than 30 percent of the price of the equipment, subsidizing capital construction interest in the same amount as the amounts of loans and leasing. With this, we allow the companies to provide the right environment for the operation of these equipments," said Vahan Kerobyan.

The validity period of the program has also been changed: it is extended by 1 year. Nikol Pashinyan highlighted the adopted decision and noted that the activity and operation of the program is visible in everyday life. "This is perhaps one of the programs the results of the activity and operation of which we see in our daily life, in various fields, let's start with the fact that with the growth of large-scale construction, new construction equipment is becoming noticeable in Armenia, which were not present in Armenia before. It is visible everywhere, and most of this equipment, of course, we don't have specific statistics, but most of it is bought with this program, we can say all of it, because why the businessman should purchase in other ways, if this opportunity exists," the Prime Minister said, once again emphasizing the need to ensure proper awareness of these programs.

If graduates of the top 400 best universities included in the world university ranking are hired, the state will subsidize their salaries to some extent, Nikol Pashinyan announced this at today's Cabinet meeting. Minister of Economy Vahan Kerobyan presented details about the amount of the subsidy and noted that its purpose is to involve high-quality specialists in companies, who will bring international experience and knowledge with them. "The amount of the subsidy is 20 percent if the person who is hired has graduated from one of the top 400 universities or has several years of work experience in leading companies. There is no restriction on what nationality the specialist is. A 50 percent subsidy is given to people who, apart from meeting the prerequisite of having graduated from one of the top 400 universities, also have a doctorate degree. The state will subsidize 70 percent of the salary of the graduates of the best 400 universities who work in Armenian companies and teach in universities and educational institutions."

The Executive made redistribution in the state budget and changes in one of the previously adopted decisions. As a result, the process of providing program support through the state housing support for families with children will be ensured. Accordingly, it is proposed to allocate 300 million AMD in order to provide financial support to around 420 beneficiaries who applied in the first quarter of 2023 but have not received support yet. Nikol Pashinyan reminded that the program was adopted in 2020. The program provides support to the family for the purchase of an apartment upon the birth of a baby. "The money provided by the state budget for the quarters has been used up, because more children were born than we predicted, which is very gratifying," said the Prime Minister. The Head of the Government presented statistical figures. The number of children born during the first 4 months of 2023 is 11 thousand 926, which is by 1401 more than the same period of 2022, by 532 more than the same period of 2021, by 1469 more than the same period of 2020, by 1415 more than the same period of 2019 and by 1180 more than the same period of 2018. "These are very gratifying numbers, and, of course, we hope and are also convinced that this is happening thanks to the programs we have implemented," the Prime Minister said.

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