Saudi Development Fund to allocate USD 100 mln for housing construction in Kyrgyzstan

Bishkek, June 29, 2023. / Kabar/. Deputies of the Jogorku Kenesh approved in the third reading the draft Law of the Kyrgyz Republic “On Ratification of the Loan Agreement between the Kyrgyz Republic and the Saudi Development Fund (SFD) under the project “Housing Financing in the Kyrgyz Republic” at a meeting of the Jogorku Kenesh.

This Agreement provides for the provision of long-term and concessional financial resources for GIK OJSC in order to finance housing construction projects in the Kyrgyz Republic in the amount of USD 100 million.

The goal of the project "Housing Finance in the Kyrgyz Republic" is the construction of housing for citizens of the Kyrgyz Republic who are participants in the State Housing Program of the Kyrgyz Republic "My Home 2021-2026". Housing will be provided to program participants on the terms of "lease with subsequent purchase" in the following areas: "Social Mortgage", "Preferential Mortgage", "Affordable Mortgage".

In total, the project will finance the construction of 174,545 square meters of affordable housing in the Kyrgyz Republic. According to forecast calculations, more than 3,000 families with low and medium incomes will be provided with housing.