Uzbekistan creating new housing and construction bank

TASHKENT (TCA) — A new joint-stock commercial housing and construction savings bank, Poytakht Bank, is to be set up in Tashkent, the Jahon information agency reports.

The authorized capital of Poytakht Bank will be built in the equivalent of at least 10 million euros, 3 billion soums of which will be invested from the Tashkent budget as an initial deposit, as well as by legal entities and individuals, including foreign investors.

Once the charter capital is formed and documents submitted, the Central Bank of Uzbekistan will proceed with the state registration of the bank and issue a license for foreign currency operations.

Key functions of the new financial institution will be mortgage lending and banking services for the population and legal entities for meeting their housing needs, as well as provision of credit resources to the contractors engaged in the construction of affordable multi-apartment buildings.

The new bank will also fulfill customer’s functions in terms of engineering and construction of affordable multi-apartment buildings, lending and leasing services to specialized contractors engaged in the construction and repair of apartment buildings in Tashkent.

The new bank will also deal with attracting foreign investments, including loans, as well as technical assistance from international financial institutions for funding the construction of affordable multi-apartment buildings.

The bank will also fund design and implementation of projects of quality improvement of engineering infrastructure, and lend producers of up-to-date, energy-saving and marketable construction materials and equipment.

Sergey Kwan


Sergey Kwan has worked for The Times of Central Asia as a journalist, translator and editor since its foundation in March 1999. Prior to this, from 1996-1997, he worked as a translator at The Kyrgyzstan Chronicle, and from 1997-1999, as a translator at The Central Asian Post.
Kwan studied at the Bishkek Polytechnic Institute from 1990-1994, before completing his training in print journalism in Denmark.

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