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In the year 2005, the Governments of the Republic of Armenia and the Federal Republic of Germany agreed in principle on the implementation of the "Development of sustainable housing market" loan program. In December 2007 an agreement was concluded on increasing the volumes of funding and provision of new funding within the framework of the effective contract (phase II), thus increasing the size of the loan program up to EUR 12 million. Thе funding was received fully from KfW bank and by September 2009 had been allotted to the Partner Financial Institutions. Afterwards, the crediting of the PFIs continued at the expense of the revolving fund raised from loan repayments and interest payments, thus ensuring the continuity of the Program.
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