ADB Board of Directors may approve massive loan to Uzbekistan in Nov 2019 (Exclusive)
Baku, Azerbaijan, Oct. 17
By Fakhri Vakilov-Trend:
Board of Directors of the Asian Development Bank (ADB) plans to approve a massive loan for the Development Program of the mortgage market sector of Uzbekistan in November 2019, an ADB representative told Trend in an interview.
“On October 8-9, under the Program for the Development of the Mortgage Market Sector, we held loan negotiations with the Government of Uzbekistan. The Government has already approved Resolution No. 868 on the creation of a Company for refinancing mortgages in Uzbekistan, which will be the implementing agency within the framework of our project,” the representative said.
The official added that a loan for the Mortgage Market Development Program totaling $200 million will be allocated in two directions: $50 million to implement policies for the development of the mortgage market, and $150 million as a credit line to support the development of the mortgage market with a maturity for 15 years.
According to the portfolio of projects implemented in each country, ADB annually identifies target indicators for the development and award of contracts for each of the projects.
“At present, according to the results of nine months of 2019, we assume that we will fulfill all indicators of the development and award of contracts in Uzbekistan for 2019. According to the results of the nine months, in the selection, i.e. development of funds, we have completed 80 percent of the target indicator,” the representative said.
The official noted that among 25 active projects in Uzbekistan, six projects are related to the transport sector, six - to the energy sector, five projects are implemented in the financial sector, five projects - in the water and utilities sector, two projects in agriculture and one project in the health sector. “Each of the projects is important for us in the development of the sectors where ADB operates,” the representative added.
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