The State Mortgage Company signed a contract for the provision of consulting services with the Arab company Enwan Consultant Bureau. It will advise the State Mortgage Company on the construction of the third stage of Muras residential complex in Bishkek, financed by the Saudi Fund for Development. The State Mortgage Company told 24.kg news agency.
The Saudi Development Fund, as part of the loan agreement on «Housing Finance in the Kyrgyz Republic» project, will provide $100 million for 25 years with a five-year grace period.
Using these funds, the State Mortgage Company will build 17 24-story buildings. They will have 2,256 apartments with a total area of 172,206 square meters. They will be provided under the «rent with subsequent purchase» mechanism in the directions of social, preferential and affordable mortgages.
«Participants of the housing program «My Home 2021-2026», when receiving apartments under the «rent of housing with subsequent purchase» mechanism, will make monthly payments to repay the rent and purchase the housing. The State Mortgage Company will use the funds received from borrowers to repay the loan to the Saudi Fund for Development,» the State Mortgage Company said in the statement.
