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Saudi Fund for Development to build houses for Kyrgyzstanis

President of Kyrgyzstan Sadyr Japarov signed the Law on ratification of the Loan Agreement between the Kyrgyz Republic and the Saudi Fund for Development for the project «Housing Financing in the Kyrgyz Republic». Press service of the head of state reported.

The law was adopted by the Parliament on June 29, 2023.

The loan agreement provides for raising funds in the amount of $100 million for the construction of housing for Kyrgyzstanis who are participants in My Home 2021-2026 housing program.

«State Mortgage Company JSC will be the operator of attracted financial resources, will provide land plots and will finance the construction of affordable housing for their subsequent lease with subsequent redemption by the citizens of Kyrgyzstan,» the statement says.

Recipients of rental housing will monthly make payments for repayment of rent and redemption of housing, and the State Mortgage Company will use these funds to repay a loan to the Saudi Fund for Development.