30 January 2022

Official statement

It is well known that, in order to reform the mortgage sector of the Republic of Uzbekistan, as a result of cooperation between 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 (start of activities) of the Mortgage Refinancing Company of Uzbekistan (Company), which is enshrined in the presidential decree No. 5715 dated May 13, 2019 in the form of an approved roadmap.

In accordance with the Program, for the operationalization of the Company, at the initial stage, it was envisaged to allocate a loan from the Asian Development Bank in the amount of 150 million US dollars to refinance the 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.

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

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

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

Sincerely,

JSC "Uzbekistan Mortgage Refinancing Company"