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Deputies instruct Government to optimize expenses of State Mortgage Company

Deputies of the Parliament of Kyrgyzstan instructed the Government to optimize the expenses of the State Mortgage Company. This is stated in the decision of the parliamentary faction Respublika — Ata Jurt on the basis of the report on the implementation of Affordable Housing program.

The faction also recommended to reduce the amount of the down payment and mortgage rates for state employees to 4-6 percent.

Deputies found the work of the SMC insufficient and noted that the company had not attracted investment for 3 years.

«Such funds are difficult to attract in a short time. International financial institutions consider such applications from 3 to 10 years. The German Development Bank opened a project for €10.5 million. The World Bank plans to allocate $ 30 million, half of the sum is a grant, and the second half — a loan,» said the head of the State Mortgage Company Baktybek Shamkeev.

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