Tashkent, Uzbekistan (UzDaily.com) -- In order to reform the mortgage sector of the Republic of Uzbekistan and as a result of cooperation between the ADB and the Ministry of Finance, a concept for the implementation of the Mortgage Market Development Program in Uzbekistan for the period from 2019-2021 (Program) was developed. 

In accordance with the concept, the key element of the Program is the creation and operationalization (commencement of activities) of the Uzbekistan Mortgage Refinancing Company (Company), which was founded in line with the Presidential Decree No. 5715 from 13 May 2019 in the form of an approved roadmap.

According to Mortgage Refinancing Company of Uzbekistan, in accordance with the Program for the operationalization of the Company, at the initial stage, it was provided for the allocation of a loan in the amount of US$150 million from the Asian Development Bank to refinance a portfolio of eligible mortgage loans created by commercial banks, with a gradual planned development of these resources by the end of the 1st quarter of 2023.

But, due to the lively interest on the part of the population in mortgage loans for the purchase of housing from the secondary real estate market and their active lending from commercial banks, to meet this demand, the resources provided by the Program are planned to be used ahead of schedule during the 1st quarter of 2022 . About which, in December 2021, commercial banks were notified in writing, since they had already formed a portfolio of eligible mortgage resources for the balance of available resources.

To date, the Company, together with the Ministry of Finance and other institutions, including international ones, is actively working to attract resources to refinance eligible mortgage loans. The Company will publish additional information regarding this work on its official website, pages on social networks and on its channel in the Telegram messenger.

Commercial banks will be notified accordingly by the Company about the resumption of refinancing of eligible mortgage loans.