Master Refinance Agreement was signed between JSC "Mortgage Refinancing Company of Uzbekistan" and JSCB "UzSanoatQurilishBank"

UzSanoatQurilishBank JSCB was one of the first among commercial banks to sign a Master Refinancing Agreement with JSC “Mortgage Refinancing Company of Uzbekistan” (UzMRC). This Agreement will provide an opportunity for the bank clients to obtain mortgage loans on favorable terms to purchase new housing in primary and secondary housing market.

As of August 1, 2020, the volume of mortgage loans from banks in Uzbekistan constituted UZS 25 trillion, or 4 percent of Uzbekistan GDP. Lack of long-term resources for banks is one of the main obstacles for the development of the mortgage market in Uzbekistan.

Presidential Decree # 5715 of May 13, 2019 "On additional measures for developing and expanding the mortgage lending market" serves as an important guide in improving the mechanism for providing mortgage loans and increasing the accessibility of all segments of the population to mortgage loans based on market principles. The new Agreement with JSCB " UzSanoatQurilishBank " provides an opportunity for the bank's clients to obtain a mortgage loan for housing both in the primary and secondary market with an interest rate of no more than 18 percent and for a period of up to 20 years.

“At the initiative of the President, large-scale work is being carried out to provide the population with comfortable, affordable and high-quality housing. At the same time, the increase in the volume of mortgage loans provided by financial institutions on favorable terms serves as an important factor in the acquisition of private property by our citizen. Today's agreement will create an opportunity for clients of our bank to obtain mortgage loans on even more favorable terms. We are glad to be one of the first banks to attract resources on the basis of mortgage loans and securitization of the mortgage portfolio” said Sakhi Annaklichev, Chairman of the Board of UzSanoatQurilishBank.

“We are now at a very important stage in the mortgage market. As a non-bank financial institution, our company specializes in the development of mortgage markets and provides UzSanoatQurilishBank with long-term resources. We are glad to have close cooperation with the bank, which is a leader in many aspects and has high potential,” said General Director of UzMRC Murodjon Farmanov.

UzSanoatQurilishBank is one of the largest commercial banks in Uzbekistan with a widespread network of branches and provides services to over 1 million customers. UzMRC is a non-bank financial institution founded by the Ministry of Finance on November 14, 2019 to create a housing stock on favorable terms and develop the domestic mortgage market that will be based on market principles. Currently, 12 banks are shareholders of the UzMRC.