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A New Bank to Be Established in Tashkent to Deal with the Construction of Affordable Housing

A joint-stock commercial housing and construction savings bank - Poytaht Bank is being created in Tashkent. Its opening is stipulated by the presidential decree of March 13 ‘On additional measures to expand the scale of the construction of affordable apartment buildings in Tashkent for 2017-2021.’

The authorized capital of Poytaht Bank will be formed in the equivalent of at least 10 million euros, taking into account of 3 billion soums from the local budget of the capital as an initial deposit, as well as attraction of legal entities and individuals, including foreign investors.

According to the press office of the Central Bank, the main tasks of the new bank are mortgage lending and banking services for the population and legal entities in terms of meeting their housing needs. The new bank will also engage in the provision of credit resources to contractors building affordable multi-apartment buildings. The bank will perform the functions of the customer in the design and construction of affordable apartment buildings. Among the main tasks of the bank are lending and rendering leasing services to specialized contractors engaged in construction and repair of apartment buildings in Tashkent.

Poytaht Bank will engage in attracting foreign investments, including loans, as well as technical assistance from international financial institutions to finance the construction of affordable multi-apartment buildings. It will also deal with the implementation of investment activities, including financing the development and implementation of projects that provide for a qualitative improvement of engineering infrastructure, as well as lending to organizations that produce modern, economical, energy-saving and in-demand building materials and equipment.

The bank will also provide other banking services to legal entities and individuals as a universal commercial bank.

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