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NEWS

Uzbek rural housing program to get $20 million from ADB

www.timesca.com
8 May 2013

The Uzbek Government has approved the allocation of the first tranche of $20 million from the Asian Development Bank to Uzbekistan's commercial Qishloq Qurilish (Rural Construction) bank to implement the program of individual housing construction in the country's rural areas.

Except Qishloq Qurilish bank, the National Bank and Mortgage Bank will finance the construction of rural houses through the second tranche of the ADB loan in the amount of $100 million.

Besides, a reserve fund will be created which will deal with the consequences of non-compliance by contractors of contract conditions, reimbursement of incidental expenses during construction, and provision of continued funding for the construction of unfinished and poorly constructed housing.

The source of the reserve fund will be income from the banks' deposits.

The Government has also allowed State Joint Stock Company Uzprommashimpeks to enter into contracts for the importation of softwood lumber, particle board and metal roofing sheets for individual housing construction without a tender process, as well as granted the company customs exemptions for metal roofing sheet import until January 1, 2014.