News Column

Kyrgyz government to allocate $100 million for mortgage lending from Kyrgyz-Russian Development Fund

July 4, 2014

Some $100 million from the Kyrgyz-Russian Development Fund will be directed for mortgage lending development, Prime Minister of Kyrgyzstan Joomart Otorbayev said at the meeting with commercial banks on July 4.

1 million sq meters of housing are built in Bishkek now, the Prime Minister said.

"100 million sq m are needed for development of the country's economy. We have boom at construction market now, but it will end soon if we do not develop mortgage lending. The mortgage loan rates in Kyrgyzstan are higher than loan rates for business. This occurs due to imperfect legislation, lack of floating capital," the Prime Minister said.

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Source: AKIpress News Agency (Kyrgyz Republic)

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