BISHKEK, Kyrgyzstan, December 11. Kyrgyzstan’s President Sadyr Zhaparov has signed a law ratifying an agreement between Kyrgyzstan and the Islamic Development Bank (IsDB) on the "Financing Affordable Housing in Accordance with Sharia Standards" project, Trend reports, citing the press service of the head of state.
The agreement was signed on April 26, 2024, in Riyadh, Saudi Arabia. The law was approved by the Kyrgyz Parliament on November 13 of this year.
The project aims to raise $79 million to build housing and provide mortgage products that align with Islamic financing principles for Kyrgyz citizens participating in the State Housing Program, "My House 2021-2026."
The Ministry of Finance of Kyrgyzstan will be the funding recipient, the Ministry of Economy and Commerce will act as the implementing agency, and the State Mortgage Company OJSC (SMC) will oversee the project's execution.
The SMC will operate the raised funds, secure land plots, and manage the construction of affordable housing across various regions of the country, which will be available for rent with an option to buy, as well as offer mortgages based on Islamic principles for citizens within the framework of the program.