IDB allocates $300M-loan to Uzbekistan for housing

Tashkent, Uzbekistan, May 2

By Demir Azizov – Trend:

The Islamic Development Bank (IDB) has allocated a loan worth $300 million to Uzbekistan for houses construction in the countryside, a representative of the Uzbek Finance Ministry told Trend May 2.

The loan agreement between the Uzbek government and the bank’s management on the loan issuance was signed at the end of the previous week. The document was signed by Uzbekistan’s Finance Minister Botir Khodjaev and Director of the IDB Regional Office Hisham Taleb Maruf.

The loan funds provided under the conditions Istisna’ for a period of 15 years with a two-year grace period will be refinanced through Uzbek banks participating in the program.

Istisna is generally a long-term contract whereby a party undertakes to manufacture, build or construct assets, with an obligation from the manufacturer or producer to deliver them to the customer upon completion.

The funds will be used to implement the second phase of the project “Construction Development of Residential Houses in Rural Areas,” which envisages the construction of more than 6,400 houses in 2017-2021 for almost 30,000 people living in six regions of Uzbekistan.

As it was previously reported, in November 2014, the IDB allocated funds in the amount of $100 million to the Uzbek government for the implementation of the project’s first phase.

As part of the project, 1,415 houses were built in 2015 – 2016.

Uzbekistan has been a member of the IDB since 2003. The Bank takes part in co-financing the projects in the areas of healthcare, education, agriculture, irrigation, electricity, transportation and support to private business.

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