Tashkent, Uzbekistan (UzDaily.com) —  The National Bank of Uzbekistan (NBU) plans to invest 500 billion soums in acquiring commercial real estate directly from developers, offering it to entrepreneurs for lease or leasing under preferential terms.

The initiative, supported by President Shavkat Mirziyoyev, will involve commercial banks as intermediaries, allowing financial institutions to purchase real estate from developers and provide it to businesses on favorable leasing or rental conditions.

Through its investment company, NBU will allocate 500 billion soums to purchase commercial real estate, ensuring affordable access for entrepreneurs.

Additionally, Central Bank Chairman Timur Ishmetov has been tasked with working alongside developers to prepare leasing projects for vacant non-residential premises, totaling 4 trillion soums. This initiative is expected to bring 50,000 square meters of commercial property into circulation and create around 100,000 jobs.

In an interview with Oʻzbekiston 24, NBU Chairman Alisher Mirsoatov highlighted that the president has assigned the bank the goal of supporting employment for 3 million people in the services sector, with half of them located in Tashkent.

Furthermore, 19 districts have been identified where service sector growth has slowed to below 10%. To stimulate development in these regions, a comprehensive program with detailed action plans will be introduced.

In 2025, 67 trillion soums will be allocated to the services sector, funding 75,300 projects. NBU has been given a special mandate to ensure timely financing of these initiatives.

To further boost trade and services, particularly in non-residential premises on the ground floors of apartment buildings, NBU has been tasked with introducing mortgage lending. The bank will allocate 500 billion soums for this purpose, potentially creating employment opportunities for 150,000 people.