Tashkent, Uzbekistan (UzDaily.com) -- The Board of the Central Bank of the Republic of Uzbekistan on 29 December 2018 made a decision to issue a license for the right to conduct banking operations to Poytakht Bank.

According to the regulator, the authorized capital of the bank is 100 billion soums and is formed at the expense of the Tashkent city administration.

Kahramon Aripov is the chairman of the bank’s Board, and Lutfilla Ismatullayev is the chairman of the bank’s council.

The bank is being established in accordance with the Resolution of the President of the Republic of Uzbekistan dated 13 March 2017 No. PP-2824 “On additional measures to expand the scale of construction of affordable apartment buildings in the city of Tashkent for 2017-2021”.

The resolution states that the new bank will provide mortgage loans and banking services to the public and legal entities to meet their housing needs.

The Bank will also provide credit resources to contracting organizations that build affordable apartment buildings and act as a customer in the design and construction of accessible apartment buildings.

The new bank will also attract foreign investment and loans, as well as technical assistance from international financial institutions to finance the construction of affordable apartment buildings.

Poytakht Bank will provide loans to organizations producing modern, economical, energy-saving and in-demand building materials and equipment.