The Government of Artsakh (Nagorno-Karabakh) will subsidize the interest rate and loan principal of natural and juridical persons.
“This refers to the natural persons who were registered and resided in Artsakh as of September 27, 2020 or had their place of employment in Artsakh, except for reservists who did not show up for conscription, or parents living with their spouses and children living together,” says Susanna Abrahamyan, Head of the Socio-Economic Department of the Staff of State Minister of the Republic of Artsakh.
The state financial assistance program includes mortgage, business, agricultural and consumer loans.
“Subsidy will be provided for mortgage and consumer loans, interest rate and loan principal, and in case of business loans, only for six months, until April 1, in the interest subsidy form,” says Mher Mkhitaryan, Deputy Director of the Artsakh Investment Fund.
The loan and interest subsidy will be provided through the Artsakh Investment as well as the Village and Agriculture Support Funds.
“At present, the foundations are in the process of discussing or concluding cooperation with financial and credit organizations, as well as developing and exchanging data with financial institutions and relevant government agencies in order to create a common database of beneficiaries,” Mkhitaryan says.
Consumer loans will be repaid if the total balance does not exceed AMD 3 mln. (about $5.620).
“The state will repay both the load principal and the interest money. If it exceeds AMD three million, the borrower will make the payments for that excess again. This does not mean that the state will pay for three years, after which the beneficiary will pay the exceeded amount,” Abrahamyan says.
In the case of a mortgage loan, the payments are made by the state instead of the beneficiary, again for a period of three years.
“AMD 30 million (more than $56.000) will be paid by the fund in accordance with the schedule, and the residual will be paid by the beneficiaries,” Mkhitaryan says.
The amounts paid after September 27, 2020 will be returned to the borrowers. One has to apply to the Artsakh Investment Fund from May 1 to July 1 for it.
