On December 12, the Finance Ministry of Uzbekistan hosted a meeting with representatives of the Asian Development Bank (ADB) and the French Development Agency (AFD).

Within the framework of the meeting, ADB signed loan agreements in the amount of $300 million and the AFD in the amount of 50 million euros for the implementation of the program “Improving Economic Management, Subprogram 2,” the Finance Ministry said.

This program is aimed at deepening reforms based on the Strategy for further development of Uzbekistan in 2017-2021. 

Also during the meeting, a loan agreement in the amount of $200 million was inked with the ADB Project “Uzbekistan: Mortgage Market Development Program”. It aims to develop the mortgage market in the country. 

The basis for the implementation of the project is the presidential decree “On additional measures for the development and expansion of the mortgage market”.

It is expected that the project will serve to develop the country’s housing sector, improve mortgage lending mechanisms and increase the availability of mortgage loans for all categories of the population based on market principles.