Islamic Development Bank to provide Kyrgyzstan with $79 mln for construction of mortgage housing

Bishkek, Dec. 11, 2024. / Kabar /. President of Kyrgyzstan Sadyr Zhaparov signed the Law "On ratification of the Framework Agreement, the Credit Agreement (Step-1 preliminary implementation), the Credit Agreement (Step-2 implementation), the Agency Agreement between Kyrgyzstan and the Islamic Development Bank for the project "Financing of affordable housing according to Sharia standards", signed on April 26, 2024 in Riyadh, Saudi Arabia."

The press service of the head of state reported that the law was adopted by the Jogorku Kenesh on November 13, 2024.

The specified Agreements provide for the attraction of 79,000,000 US dollars for the construction of housing and the issuance of mortgage products based on the principles of Islamic financing for citizens of the Kyrgyz Republic who are participants in the State Housing Program of the Kyrgyz Republic "My Home 2021-2026".

The recipient of the financing of the Islamic Development Bank will be the Kyrgyz Republic represented by the Ministry of Finance, the executing agency will be the Ministry of Economy and Commerce, and the implementing organization of the project will be State Mortgage Company OJSC.