PROJECT

Projects

Summary of Investment Information

Project Number

48606

Company Name

JSC MORTGAGE REFINANCING COMPANY OF UZBEKISTAN

Date SPI Disclosed

May 20, 2024

Country

Uzbekistan

Region

Central Asia and Turkiye

Projected Board Date

Jun 24, 2024

Environmental Category

FI-3 - No Impact

Status

Active

Last Updated Date

Sep 7, 2024

Department

Regional Industry FIG MCT

Industry

Financial Markets

Previous Events

Approved : Jun 28, 2024
Signed : Jul 26, 2024
Invested : Sep 4, 2024

Sector

Mortgage Services and Other

Project Description

The proposed investment entails up to US$45 million equivalent of UZS denominated 3-year bullet fixed-rate senior financing to the “JSC Mortgage Refinancing Company of Uzbekistan” (UzMRC or the Company), which will be extendible for an additional 3-years, to support UzMRC to refinance the retail mortgage portfolios of private banks and specific state-owned financial institutions (the Project). Certain portion of the proceeds might be used by UzMRC for mortgage loans provided to women’s housing finance.

Associated Advisory Engagement

IFC investment will be complemented by the “Uzbekistan Housing Finance Development” Project (#606907) which is an advisory Project aiming to (i) develop a legal and regulatory framework to introduce capital markets instruments, and (ii) build the capacity of financial institutions and create mortgage portfolios suitable for refinancing.

Sponsor / Cost / Location

Development Impact

E&S Category Rationale / Risks and Mitigation