Kyrgyz Parliament Approves Agreement With Isdb In Second Reading
Date
9/10/2024 10:07:38 AM
(MENAFN- Trend News Agency)
BISHKEK, Kyrgyzstan, September 10. The Kyrgyz
Parliament's Committee on International Affairs, Defense, Security,
and Migration has approved a credit agreement with the Islamic
Development bank (IsDB) for the "Financing Affordable Housing
According to Sharia Standards'' project in the second reading,
Trend reports.
Sanzhar Bolotov, Deputy Minister of Economy and Commerce, said
during the parliamentary session that the project's goal is to
build housing and offer mortgage products based on Islamic
financing principles for Kyrgyz citizens under the state housing
program "My Home 2021-2026."
The IsDB will provide Kyrgyzstan with concessional financing
totaling $79 million for this initiative. These funds will be used
to construct 112,000 square meters of housing across the
country.
The State Mortgage Company will oversee the financial resources,
manage land plots, and finance the construction of affordable
housing nationwide. The housing will be available for lease with an
option to purchase, along with offering mortgages based on Islamic
financing principles. The cost of the mortgage housing under this
initiative is set at $650 per square meter.
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