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Government Approves Program of State Support for Energy Efficient Renovation of Apartments and Houses

A regular Cabinet meeting took place today, chaired by Prime Minister of Armenia Nikol Pashinyan.

The Government made a decision to approve the state support program for energy-efficient renovation of apartments and private houses. The goal of the program is to improve housing conditions and energy efficiency and to realize the urban development potential by fully or partially subsidizing the interest rates of loans for energy efficient renovation of an apartment / house. It is envisaged to take the following indicators as a basis for subsidizing the annual interest rate of the loan: Loan limit for apartments in a residential building - not more than 7 million AMD, for individual houses - not more than 10 million AMD. The loan is provided in AMD with an interest rate not more than 14%, for a maximum period of 7 years. The procedure of implementation of the program will be worked out by May 20, 2022, and it will be valid for loans taken from the day of the procedure entering into force until July 1, 2023.

Prime Minister Pashinyan referred in detail to the logic behind this program, saying, “We have decided to launch a state program, within the framework of which we offer citizens to take subsidized loans, to rebuild their apartments, on the condition that 20-30% of those expenses will be used for energy saving solutions for the apartment. In return for this investment, we expect that in the medium and long term, citizens will pay less for electricity and gas, and this investment will justify itself. We hope that with this we will make a significant contribution to housing, economy, small business and poverty alleviation”.

The Government made a decision on applying a tariff privilege for electric motor vehicles imported to the territory of the Republic of Armenia during 2022. In the first stage of the distribution of electric motor vehicles, a privilege of 0% of the import duty on 6,400 electric vehicles is granted for imports by natural and legal persons. For natural persons, the decision enters into force retroactively, ie for cars imported after January 1, 2022, for legal entities - for cars imported after March 31. Nikol Pashinyan said that the decision is a good opportunity to stimulate the import of electric cars, as well as to invest in their charging and service.

The Government made amendments to its decision N 201-L of February 28, 2012, conditioned by the need to review the terms of the interest rate subsidy program for loans for the purchase of agricultural raw materials to meet the consequences of the military operations in Ukraine and situation in the foreign exchange market. According to the decision, the beneficiaries will be given the opportunity to service the loans taken in 2020-2021 with the adjusted repayment plan and to organize the process of agricultural procurement for 2022. Prime Minister Pashinyan said, “We are taking these measures so that we do not have to make any quick decisions at the last minute, but place those relations on a certain institutional basis".

The Government made a decision to allocate money to the Ministry of Education, Science, Culture and Sports for organizing the European Adult Boxing Championship to be held in Yerevan on May 21-31, 2022. According to the decision, 750,192,000 AMD was allocated from the reserve fund of the Government of the Republic of Armenia to "Factory Production" LLC for branding and other expenses. Referring to the decision, the Prime Minister said, “This year we have two major international events in Armenia, one is the European Boxing Championship and the other is the Junior Eurovision Song Contest, and we are interested in holding these events at the highest possible level. Our policy is that we should try to hold international competitions in the Republic of Armenia more often, not only for promoting mass sports, but also for promoting Armenia's international image and tourism flows. It is right to move in this direction, because it will bring additional economic effects."

Summing up the meeting, the Prime Minister noted that Armen Pambukhchyan is participating in the Cabinet meeting for the first time as Minister of Emergency Situations, congratulated him and wished him success.


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