PROJECT

Projects

Summary of Advisory Services Project Information

Project Number

606907

Primary Business Area

Financial Institutions Group

Disclosure Date

Mar 1, 2023

Country

Uzbekistan

Region

Central Asia and Turkiye

IFC Approval Date

Nov 3, 2022

Status

Active

Estimated Total Budget

$993,303.00
(Project budget includes all project-funded activities)

Last Updated Date

Mar 1, 2023

Project Estimated Start Date

Oct 25, 2022

Project Estimated End Date

Apr 30, 2025

Project Description

While there is a strong demand for mortgages due to population growth, poor housing conditions and rising household incomes, further mortgage market growth has been constrained as banks could not keep up with the rising demand due to limited access to long-term funding and weak operational procedures. This creates the necessity to introduce the tools in the local market that will allow access to long-term funding and to build capacity of the market players to utilize these tools in their operations. The project will address the issue through implementation of activities under two components: (1) supporting the development of the legislation and regulation to support capital markets deals, including mortgage securitization and covered bonds, (2) providing advisory services to IFC client-bank(s) to enhance their mortgage lending practices, develop new mortgage products to address growing demand from the households and prepare banks for refinancing of their mortgage portfolios through new capital markets instruments.

Development Results

E&S Risks / Impacts and Mitigation