This is stated in the official statement of JSC "Mortgage Refinancing Company of Uzbekistan"
Earlier it was reported about the reform of the mortgage sector of the Republic of Uzbekistan, as a result of cooperation between the ADB and the Ministry of Finance, a concept was developed for the implementation of the Program for the development of the mortgage market in Uzbekistan for the period from 2019-2021 (Program). In accordance with the concept, the key element of the Program is the creation and operationalization (commencement of activities) Mortgage refinancing Companies of Uzbekistan (the Company), which is enshrined in Presidential Decree No. 5715 of May 13, 2019 in the form of an approved "roadmap".
In accordance with the Program for the operationalization of the Company, at the initial stage, it was envisaged that the Asian Development Bank would allocate a loan of $ 150 million to refinance a portfolio of acceptable mortgage loans created by commercial banks, with a gradual planned development of these resources by the end of the 1st quarter of 2023.
"... due to the lively interest on the part of the population in mortgage loans for the purchase of housing from the secondary real estate market and their active lending by commercial banks, in order to meet this demand, the resources provided for by the Program are planned to be mastered ahead of schedule during the 1st quarter of 2022. About which, in December 2021, commercial banks were notified in writing, since they had already formed a portfolio of acceptable mortgage resources for the remainder of available resources," the report of Mortgage Refinancing Company of Uzbekistan said.
The statement notes that the Company, together with the Ministry of Finance and other institutions, including international ones, is actively working to attract resources for refinancing acceptable mortgage loans. The Company will publish additional information about this work on its official website, on social media pages and on its channel in the Telegram messenger, the Review reports.
"In connection with the above, until the sources of financing are determined, the CRI temporarily suspends the refinancing of acceptable mortgage loans issued for the purchase of residential real estate from the secondary market," the statement says.
