TASHKENT, Uzbekistan, August 17. Asia Alliance Bank and Trustbank (Uzbekistan’s private banks) have joined the country’s initiative to promote the development of the mortgage market, Trend reports.
According to Uzbekistan’s Ministry of Economy and Finance, Asia Alliance Bank and Trustbank have signed a memorandum of cooperation with Uzbekistan's 12 commercial banks.
In accordance with the presidential decree, which sets the target parameters for housing construction and mortgage lending for this year, it is proposed to build 100,000 residential homes and provide mortgage loans amounting to 17 trillion soums ($1.3 billion) in 2024.
Of these, 8.3 trillion soums ($658.6 million) of the loans will be funded by government resources, 6 trillion soums ($476.1 million) will come from the banks' own funds, and 2.6 trillion soums ($206.3 million) will be sourced from the Mortgage Refinancing Company.
Meanwhile, starting from July 1, Uzbekistan tightens requirements for banks to issue loans to the population.
Central Bank introduces a debt burden indicator for the population, which is calculated through the ratio of average loan payments to the average monthly income of the borrower.