Uzbekistan signs $500M worth of loan agreements with ADB
BAKU, Azerbaijan, Dec. 13
By Fakhri Vakilov - Trend:
Ministry of Finance of Uzbekistan held a meeting with representatives of the Asian Development Bank (ADB) and the French Development Agency (FAR), Trend reports citing the press service of the Ministry.
As part of the meeting, loan agreements were signed with ADB in the amount of $300 million and with FAR in the amount of 50 million euro, for the implementation of the program “Economic Management Improvement Program, Subprogram 2” (EMIP).
The documents were signed by Enrico Pinali, Officer-in-Charge of ADB’s office in Uzbekistan and Uzbekistan's Minister of Finance Jamshid Kuchkarov.
This program is aimed at deepening reforms in Uzbekistan based on the Strategy for the further development of Uzbekistan in 2017-2021.
Moreover, during the meeting, loan agreements for a total of $200 million were signed on the ADB project - “Program for the Development of the Mortgage Market of Uzbekistan”.
The decree of Uzbekistan’s President Shavkat Mirziyoyev of May 13, 2019 “On additional measures for the development and expansion of the mortgage lending market” was the basis for the implementation of this project.
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 who is in need of better housing conditions.
It is expected that the project will 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.
Follow author on Twitter:@vakilovfaxri