According to the Bank’s website, the ADB approved the Mortgage Market Sector Development Program on 28 November 2019. It was designed to increase the availability of affordable market-based residential mortgage credit by establishing the premise for improved access to long-term market-based funding and enhanced development of competitive housing finance products, as well as reforming the inefficient housing subsidy framework and some of its programs. The program's impact is living standards improved for the population of Uzbekistan. The program has three outputs. The additional financing will expand the scope of output 3 to include supplementary long-term funding to the Mortgage Refinancing Company of Uzbekistan (UzMRC) to make long-term local currency resources available to identified eligible participating financial institutions (PFIs) to fund (i) residential mortgage loans, (ii) housing improvement loans, and (iii) green renovation loans (a new loan product). Further improvements are also supported, including the establishment of an information and technology system in UzMRC, enhanced gender access to UzMRC funding, the operationalization of the green renovation loan tool kit, and UzMRC's adoption of a strategic business plan.
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