Tashkent, Uzbekistan, June 1
By Demir Azizov – Trend:
The Asian Development Bank (ADB) approved a $500-million loan for the construction of housing in Uzbekistan, reads a message on the ADB website.
“The Asian development Bank has approved a results-based loan of $500 million to support the construction of up to 29,000 new affordable housing units in nine regions across Uzbekistan as part of the State Affordable Rural Housing Program,” said the message.
Ministry of Economy of Uzbekistan will administer the program which will be implemented through three Uzbek banks – Ipoteka Bank, National Bank of Uzbekistan, and Qishloq Qurilish Bank – and by the state engineering company Qishloq Qurilish Invest.
Affordable housing in Uzbekistan is in high demand in rural areas, according to the message.
In August 2011, ADB issued a multitranche loan worth $500 million to support the construction of housing in Uzbekistan. Through these funds, 41,500 houses were built in the country’s rural areas.
Since joining ADB in 1995, Uzbekistan has received 63 loans totaling $5.7 billion, including two private sector loans totaling $225 million, $6 million in equity investment, $200 million in guarantees, and $74 million in technical assistance grants.