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ADB approves second loan for housing finance in Uzbekistan

22 October 2013

The Board of Directors of the Asian Development Bank (ADB) approved provision of a loan to Uzbekistan in the amount of $200 million to finance housing construction in rural areas of the country, representative of ADB office in Tashkent told Trend on Tuesday.

According to the source, the funds were allocated under the program of multi-tranche financing of housing construction in rural areas of Uzbekistan in the amount of $ 500 million.

This is the second tranche allocated under the program. It is expected that the loan agreement between ADB and the Government of the Republic will be signed by late 2013.

As reported, in August 2011 ADB approved a program of multitranche financing of housing construction in rural areas of Uzbekistan in the amount of $ 500 million. Credit funds under the program of multitranche financing are allocated from the regular resources of the bank.

The first tranche of $ 200 million was approved in September 2011. The funds were provided for a period of 18 years, including a three-year grace period at a discount lending rate based on LIBOR.

ADB loan funds will be refinanced through Uzbek banks participating in the program.