Ceremony of deal agreement between the Asian Development Bank and the Joint Stock Company "Mortgage Refinancing Company of Uzbekistan"

On November 14, 2022, within the framework of the development program of the mortgage market in Uzbekistan, an agreement was signed between the Asian Development Bank (ADB) and the Joint Stock Company "Mortgage Refinancing Company of Uzbekistan" (UzMRC).

Within the framework, the Company provides refinancing of bank issued eligible mortgage loans, including "green" renovation loans. As part of its cooperation with ADB, the Company took the obligation of the refinancing total of at least 5,000 mortgage loans for women and at least 1,000 for "green" renovation mortgage loans. In this regard, the Company, together with commercial banks, plans to develop a mechanism of requirements and formalization of "green" renovation loans.

We remind you that on December 19, 2019, the Asian Development Bank signed the first loan agreement with UzMRC in the amount of 150 million US dollars for refinancing banks issued mortgage loans for housing and renovation as part of the Mortgage Market Development Program. To date, these loan funds have been fully utilized, and as of October 1, 2022, 11,060 mortgage loans totaling UZS 1.94 trillion have been refinanced. 3,434 of refinanced mortgage loans, (31%) were issued to women.

About this deal the CEO of UzMRC said: "The following deal signed with ADB is a great support in implementing reforms in the mortgage market, including allocating resources for energy-efficient renovation, expanding mortgage loan products for women, and providing the mortgage market with regular resources."

Enrico Pinali, Acting Director of ADB's representative office in Uzbekistan, expressed his opinion regarding this deal: “We hope that this credit line will expand the possibilities of financing mortgage lending, including "green" renovation loans bringing the new type of mortgage product to the banking sector".