Tashkent, Uzbekistan (UzDaily.com) -- On 12 December, a meeting was held at the Ministry of Finance with representatives of the Asian Development Bank (ADB) and the French Development Agency (AFD).

As part of the meeting, for the implementation of the program “Improving Economic Management, Subprogram 2”(EMIP), loan agreements were signed with ADB: in the amount of US$300 million and AFD in the amount of 50 million euro.

This program is aimed at deepening reforms in the Republic of Uzbekistan on the basis of the Strategy for further development of the Republic of Uzbekistan in 2017-2021. Based on the matrix developed by the Ministry of Finance in cooperation with ADB and AFD:

Also during the meeting, loan agreements were signed with the ADB “Program for the development of the mortgage market of Uzbekistan” for a total amount of US$200 million.

The basis for the implementation of the project is the Decree of the President of the Republic of Uzbekistan dated 13 May 2019 No. 5715 “On additional measures for the development and expansion of the mortgage lending market”.

The aim of the project is to support program measures aimed at improving housing policy, which also includes improving the regulatory framework of the mortgage market, and targeted support to people in need of better housing conditions.

It is expected that the project will serve to develop the country's housing sector, improve mortgage lending mechanisms and increase the availability of mortgage loans for all categories of the population based on market principles.