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ADB approved $ 500 million loan for rural housing development in Uzbekistan

Uzbekistan Materials 1 September 2011 04:43
Board of Directors of the Asian Development Bank (ADB) approved on Wednesday a program of multitranche housing of finance in rural areas of Uzbekistan in the amount of $ 500 million, according to the official website of the bank.
ADB approved $ 500 million loan for rural housing development in Uzbekistan

Uzbekistan, Tashkent, 31 August / corr. Trend D. Azizov/

Board of Directors of the Asian Development Bank (ADB) approved on Wednesday a program of multitranche housing of finance in rural areas of Uzbekistan in the amount of $ 500 million, according to the official website of the bank.

As previously reported, the loan funds will be allocated four tranches - for $ 200 million in 2011 and by $ 100 million annually in subsequent years.

The bank said that the ADB Board of Directors also approved the first tranche of $ 200 million.

Credit funds allocated from the regular resources of the bank under the program of multitranche funding. The first tranche granted for 18 years, including a three-year grace period on discount lending rate based on LIBOR.

The loan assets of ADB will be refinanced through Uzbek Joint-Stock Commercial "Qishloq Qurilish Bank" (Bank of Agriculture building) the agent of the government in the state program of lending for housing in rural areas with the worth three billion dollars.

Qishloq Qurilish Bank provides loans for construction of individual housing in rural areas on the approved standard for Uzbek villagers aged over 18 who have regular income and savings funds in the savings deposits of at least 25 percent of the amount of the requested credit.

Credit is given for 15 years with a six-month grace period in an amount not exceeding 1,000 times the minimum wage and 75 percent of the cost of housing under construction at a rate equal to 50 per cent of the Central Bank refinancing rate. (At the moment Uzbekistan Central Bank refinancing rate is 12 percent, the minimum wage - 57, 2000 sums).
It were built 6.8 thousands of houses with living area of 955 thousand square meters and a total construction cost about 530 billion soums in 2010 under the state program of construction in rural areas of modern private housing on standard projects and for this purpose was sent over 256 billion soums of budget funds.

Qishloq Qurilish bank planned to build in 2011, 7.4 thousand square model houses of 1.1 million square meters and 473 infrastructure facility with the involvement of preferential loan mortgages in 2011.

Uzbekistan is a member of ADB since 1995 and today - the largest recipient of loans that financial institutions in Central Asia. Since 1995, ADB has provided Uzbekistan for more than two billion dollars for projects in education, agriculture, modernization of transport infrastructure and energy sectors.

Uzbekistan is a member of ADB since 1995 and today is the largest recipient of loans of this financial institution in Central Asia. ADB provided Uzbekistan for more than two billion dollars for projects in education, agriculture, modernization of transport infrastructure and energy sectors since 1995.

It was built about 8.5 thousand private houses on standard projects in the rural areas of Uzbekistan republic with the price estimated 588.7 billion soums ($ 1 = 1706, sum 61), including through preferential loans of "Qishloq Qurilish Bank "in volume of 285 billion soums. The remainder of funds will be allocated from state and local budgets, as well as business entities regions

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