Saudi fund allocates $100M loan to Kyrgyzstan for housing construction

The Parliament of Kyrgyzstan in the third reading ratified an agreement on the allocation of $100 million to the country by the Saudi Fund for Development, Report informs via Kyrgyz media.

The funds are allocated for 25 years with a five-year grace period at 1.5% per annum. The project will be implemented by the State Mortgage Company.

Using these funds, the authorities of Kyrgyzstan intend to build 174,500 square meters of housing, or 3,000 apartments of 40-85 square meters, for families with low and medium incomes.

Mortgages will be issued to participants in the My Home 2021-2026 state housing program on a lease basis with the option to purchase. The project is scheduled to be completed by the end of 2028.