• KGS/USD = 0.01126 0%
  • KZT/USD = 0.00226 0%
  • TJS/USD = 0.09196 0.77%
  • UZS/USD = 0.00008 0%
  • KGS/USD = 0.01126 0%
  • KZT/USD = 0.00226 0%
  • TJS/USD = 0.09196 0.77%
  • UZS/USD = 0.00008 0%
  • KGS/USD = 0.01126 0%
  • KZT/USD = 0.00226 0%
  • TJS/USD = 0.09196 0.77%
  • UZS/USD = 0.00008 0%
  • KGS/USD = 0.01126 0%
  • KZT/USD = 0.00226 0%
  • TJS/USD = 0.09196 0.77%
  • UZS/USD = 0.00008 0%
  • KGS/USD = 0.01126 0%
  • KZT/USD = 0.00226 0%
  • TJS/USD = 0.09196 0.77%
  • UZS/USD = 0.00008 0%
  • KGS/USD = 0.01126 0%
  • KZT/USD = 0.00226 0%
  • TJS/USD = 0.09196 0.77%
  • UZS/USD = 0.00008 0%
  • KGS/USD = 0.01126 0%
  • KZT/USD = 0.00226 0%
  • TJS/USD = 0.09196 0.77%
  • UZS/USD = 0.00008 0%
  • KGS/USD = 0.01126 0%
  • KZT/USD = 0.00226 0%
  • TJS/USD = 0.09196 0.77%
  • UZS/USD = 0.00008 0%

Viewing results 1 - 6 of 39

Turkmenistan to build Ashgabat City compound

ASHGABAT (TCA) — The Administration of the Turkmen capital Ashgabat last week hosted a presentation of a large-scale social project — the construction of a new residential compound with high-rise buildings in the northern part of the city where more than 100,000 people would live, the State News Agency of Turkmenistan reported. Total area allocated for the grandiose complex of more than 200 buildings is 744 hectares. It is planned to erect 180 buildings, ranging from 12 to 35 floors in height, with 17,836 apartments. The entire compound is designated for living of more than 107,000 people. The new city including an administration centre, service and medical facilities, cultural centres, educational and other social infrastructure facilities will appear in the north of Ashgabat. The new compound’s infrastructure will be based on a smart city model. The project, which was approved by President Gurbanguly Berdymukhamedov and received an unofficial name of Ashgabat City, provides for the construction of the building of local administration and other government facilities, four secondary schools for 3,000 students and the same number of kindergartens which would be able to host 1,200 children, as well as original buildings of Turkmen National Conservatory and a specialized musical school. The facilities of social and living infrastructure will include a multifunctional hospital, two clinics, two shopping and entertainment centres, shops and cafes, a stadium and sports complex, and four multilevel car parking lots. It is also planned to build branch offices of Türkmenbaşy and Halkbank State Commercial Banks. It was said at the presentation that 35-storey buildings will be constructed in Turkmenistan for the first time, so seismic resistance technologies are of particular importance.

Kyrgyzstan: Preferential mortgage lending not affordable for state employees

BISHKEK (TCA) — Parliament deputies and experts are dissatisfied with the results of the state mortgage program in Kyrgyzstan because it is not affordable for state employees. The monthly salary of a teacher with three years of experience is about 6,500 soms ($93), and with 30 years of experience — about 15,000 soms. With such salaries, they cannot afford a state mortgage loan, MPs said. The State Affordable Housing program started in March 2016 to improve the issuance of preferential mortgage loans to state employees. Loans are provided by banks, which are compensated for the difference between market and preferential loan rates. Since November 1, 2018, the rates on newly issued loans under the program have been reduced to 7-9% per annum. Previously, they were from 8% to 12%. The State Mortgage Company OJSC (SMC) is the program operator. According to the SMC head Baktybek Shamkeev, if a citizen wants to obtain a 1 million soms loan, the total family income should be 22-24 thousand soms (around $330) per month. If a person receives a loan of 2 million soms, the total monthly income should be 45-50 thousand soms. Most civil servants in the country do not have such an income, MPs said. Poor program implementation The State Mortgage Company is working poorly on the implementation of the Affordable Housing program because only a limited part of solvent citizens who work in the public sector have received mortgage loans, concluded the Accounting Chamber following the results of the company’s audit. The unavailability of state mortgage for the public sector was affected by the high interest rate resulting from the conclusion of agreements with partner banks with the provision of an added 5% annual rate along with a 3% rate (previously 5%) of a budget loan received from the Finance Ministry. The auditors advised to reduce the cost of state mortgage by reducing the income of the State Mortgage Company and commercial partner banks. Overpriced loans The Affordable Housing program may become unavailable, MP Marlen Mamataliev said. The State Mortgage Company has not achieved good performance due to very high down payment amount and interest rates, he explained. The SMC says that loans are issued at 9%, but in reality people get loans at 14-16%. In addition, the cost of apartments in the houses the company provides is very high, which does not comply with the principles of the Affordable Housing program. For instance, an apartment in a house built in Naryn costs $34.8 thousand. If a teacher or doctor receives it at 9%, he will have to pay 12 thousand soms per month for 15 years. After 15 years, the apartment will cost him $67 thousand. Shamkeev told MPs about the SMC plans to create its own housing stock. Replenishment of capital is planned due to the Government’s contribution, he added. According to the program, it was planned that construction companies would build housing at their own expense, and SMC would redeem. However, not all companies can afford building of...

Kyrgyzstan’s economic growth in 2017 exceeds the IMF forecast

BISHKEK (TCA) — Kyrgyzstan’s gross domestic product in 2017 was 493 billion soms and increased by 4.5% compared to 2016, the National Statistical Committee of Kyrgyzstan said. The GDP growth was higher than the forecasts of the government and international financial institutions including the International Monetary Fund and the World Bank. At the end of 2016, the IMF and WB expected growth of no more than 3.5%. According to the conclusion of the IMF mission in November 2017, the country’s GDP was expected at 3.2%. The forecast for Kyrgyzstan’s economic growth was lowered by 0.3% due to the situation on the Kyrgyz-Kazakh border. Kyrgyzstan’s industrial output amounted to 231 billion soms last year and increased by 11.5% compared to 2016. The industry grew due to the growth of extraction of metal ores and crude oil, as well as production of plastic and food products including beverages and tobacco products. Dependence on Kumtor In early 2017, the GDP growth was very impressive — more than 7%. However, the year ended with an increase of 4.5% due to the impact of the operation of the Kumtor gold mine. The economy is still dependent on gold mining, while investors are not in a hurry to enter Kyrgyzstan. Dependence on one enterprise represents a significant risk to the economy. In 2018, the gold production will decrease at Kumtor, so it is likely that the current GDP may also change, experts say. One of the main events of 2017 was the signing of a new agreement on Kumtor between the government of Kyrgyzstan and Centerra Gold. In December 2017, it was 20 years since the development of the Kumtor mine started in the country. Over the years, several unsuccessful attempts have been made to conclude an agreement beneficial to the Kyrgyz side. Finally, in September 2017, the Kyrgyz government and Centerra signed a new agreement under which the Canadian company will allocate $50 million to the newly established Environmental Development Fund to finance environmental protection measures. The money will primarily be used for the modernization and construction of new modern treatment facilities in the water area of Lake Issyk-Kul. In addition, the annual environmental payment was increased to $3 million. The new agreement on Kumtor became a signal to foreign investors that they can enter the country. Industrial growth and trade The industrial growth indicators are encouraging. Earlier, mainly services and trade were developing, and the population received revenues from re-export. Currently, the country's economy is aimed at industrial production. Among the countries of the Eurasian Economic Union, the largest growth in industrial production in the ten months of 2017 was recorded in Kyrgyzstan — 13.7%, the Eurasian Economic Commission announced in December 2017. For 11 months of 2017, Kyrgyzstan's foreign trade amounted to $6 billion, 11% more compared to 2016. Exports increased by 12.8% and imports by 10.2%. The exports grew due to the increased exports of glass, butter, precious metals, non-monetary gold, and dried fruits. The country increased imports of fabrics, ceramic products,...

Uzbekistan: focus on cement production

TASHKENT (TCA) — The 15th international conference “Cement industry and market” is being held in Uzbekistan’s capital Tashkent, the Jahon information agency reports. Continue reading

Are newly-built high-rise buildings safe in Kyrgyzstan?

BISHKEK (TCA) — Special attention of government agencies, the media and general public is currently paid to the quality of construction works in Kyrgyzstan. The reason was the recent collapse of a building under construction in the southeast of Bishkek. The Avangard Style construction company, a leader of the country's construction market with a 19-year history, is constructing that high-rise building. A 740 square meters extension facility under construction (where a sports complex should be) attached to the main building collapsed because of violation of construction rules and the lack of state architectural and construction supervision. As a result, 11 construction workers suffered. Construction works were suspended until the end of the clarification of the cause of the collapse, the State Inspectorate for Environmental and Technical Security said. The Inspectorate did not give its permission to continue construction of the building. After the investigation, the facility will be demolished. The Avangard Style company will pay an administrative fine for non-compliance with the technology for construction and installation works. According to official data, Temirlanbek Sultanov is the head and founder of Avangard Style. The company belonged to the current presidential adviser Kalykbek Sultanov until 2011, when he was appointed Minister of Transport and Communications of Kyrgyzstan. Under Kyrgyzstan’s law, officials are not allowed to be engaged in commercial activities, but civil servants who own businesses come out of the situation by re-registering their companies to trusted persons or close relatives. It was not the only case of collapse at facilities under construction. Last May, as a result of a strong wind, part of the wall of a building under construction collapsed into a yard of the neighboring residential multi-storey building in downtown Bishkek. Fortunately, there were no casualties. Prosecutor General's Office conclusion According to the Prosecutor General's Office, officials of the State Inspectorate for Environmental and Technical Safety did not conduct mandatory construction supervision over the construction of the 14-storey multi-apartment house at the intersection of Tokombayev and Sukhbaatar streets (Southern Highway) in Bishkek, constructed by Avangard Style LLC. After the incident, the officials of the State Technical Inspectorate, in order to conceal their illegal actions, entered into collusion with the construction company’s employees and compiled and registered forged acts on allegedly completed works from May to August 2017, the Prosecutor General's Office said. The permission to carry out construction works expired on July 28, 2017 and was not extended in accordance with the established procedure. The Prosecutor General's Office has initiated a criminal case for abuse of office and forgery. Triple control Construction companies should be responsible for the safety of residential buildings which they sell to citizens. According to the legislation, buildings under construction are subject to triple control. Project authors should carry out their own supervision, developers or customers - technical control, and the State Inspectorate for Environmental and Technical Safety - architectural and construction supervision. Developers should monitor the input control of all building materials and equipment used. Construction companies should ensure control over all technological operations...

Uzbekistan attracts foreign investment in building materials industry

TASHKENT (TCA) — During the next five years Uzbekistan is planning to spend more than $1.2 billion for the development of the building materials industry, the Jahon information agency reported. Continue reading

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