BISHKEK, Kyrgyzstan, September 10. The Kyrgyz Parliament's Committee on International Affairs, Defense, Security, and Migration has approved a credit agreement with the Islamic Development Bank (IsDB) for the "Financing Affordable Housing According to Sharia Standards'' project in the second reading, Trend reports.
Sanzhar Bolotov, Deputy Minister of Economy and Commerce, said during the parliamentary session that the project's goal is to build housing and offer mortgage products based on Islamic financing principles for Kyrgyz citizens under the state housing program "My Home 2021-2026."
The IsDB will provide Kyrgyzstan with concessional financing totaling $79 million for this initiative. These funds will be used to construct 112,000 square meters of housing across the country.
The State Mortgage Company will oversee the financial resources, manage land plots, and finance the construction of affordable housing nationwide. The housing will be available for lease with an option to purchase, along with offering mortgages based on Islamic financing principles. The cost of the mortgage housing under this initiative is set at $650 per square meter.