Kyrgyzstan attracted large Islamic capital for housing construction
On June 25, the Islamic Development Bank (IDB) allocated 79 million dollars for the construction of 112 thousand square meters of public mortgage housing in Kyrgyzstan. This was reported by "Tazabek" publication.
It is noted that the International Affairs, Defense, Security and Migration Committee signed the Law on the Ratification of Credit Agreements between the Kyrgyz Republic and the Islamic Development Bank on the project "Financing affordable housing according to Sharia standards", signed on April 26, 2024 in Riyadh, Saudi Arabia. approved the project in the first reading.
Information on the draft law was presented by Sanjarbek Bolotov, Deputy Minister of Economy and Commerce. IDB funds are intended for the construction of 112 thousand square meters in all regions of the country. ""GIK" LLC is an operator of attracted financial funds, and finances the allocation of land plots and the construction of affordable housing for later rent and purchase in all regions of the country. It also provides mortgage loans for citizens of the Kyrgyz Republic according to the principles of Islamic financing within the framework of the program." - says Nurodil Bayasov, the deputy chairman of the LLC's management.
Let us remind you that after Russia announced partial mobilization in September 2022, the rent of apartments in Bishkek increased by 30%.
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