Contribute Information
Can you contribute information about this project?
Contact the EWS Team
According to bank documents, the proposed Mortgage Market Sector Development Program aims to establish a new institutional infrastructure and financing mechanism to promote market-based mortgage finance in Uzbekistan and expand residential mortgage product availability to broader segments of the population. These measures will allow to provide long-term funding to banks, promote competition, and remove inefficient and market-distorting elements in the housing finance environment. The program will also support the Government of Uzbekistan in reforming some of the parameters of the existing government housing subsidy programs, so as to ensure the efficient use of public resources, strengthen fiscal sustainability, and improve the housing policy and subsidy framework.
The proposed sector development program (SDP) aims to develop a market-based residential mortgage market by (i) designing and implementing a new housing policy, reforming housing subsidies, and reviewing the legal and regulatory framework; (ii) strengthening the institutional framework to administer housing policy and subsidies by establishing a Housing Assistance Unit (HAU) in the Ministry of Finance (MOF); and (iii) making long-term fixed-rate local currency funds available to banks to enable them to expand their range of residential mortgage loan products through the establishment of the Uzbekistan Mortgage Refinancing Company (UMRC).
The ADB categorized the project E&S risks as 'FI-C'.
As stated on the company's website, Mortgage Refinancing Company of Uzbekistan is a refinancing credit institution in the form of a joint stock company. JSC "Mortgage Refinancing Company of Uzbekistan" (UzMRC) was established by the Ministry of Finance in November 14, 2019 in accordance with Presidential Decree No. UP-5715 dated May 13, 2018, as a mechanism to ensure mortgage liquidity to solve the problem of long-term financing in the banking sector. The Company's charter capital is 100 billion soums.
Executing Agency: Ministry of Finance
5 Mustaqiliik Square
Tashkent 100008, Republic of Uzbekistan
ACCOUNTABILITY MECHANISM OF ADB
The Accountability Mechanism is an independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an Asian Development Bank-financed project. If you submit a complaint to the Accountability Mechanism, they may investigate to assess whether the Asian Development Bank is following its own policies and procedures for preventing harm to people or the environment. You can learn more about the Accountability Mechanism and how to file a complaint at: http://www.adb.org/site/accountability-mechanism/main