OREANDA-NEWS. March 12, 2008. UzPromStroyBank intends to provide financial support from its own resources to the subcontractors who will build multiple dwellings intended for individuals purchasing flats through mortgage loans.

The support is provided pursuant to the Act of the Central Bank of the Republic of Uzbekistan "On the order of financing and crediting of construction and reconstruction of housing for wide groups of population, including young people".

The press service of the bank has informed that at the time the bank was negotiating with several subcontractors on the construction of eight multiple dwellings (262 flats) in the cities of Navoi, Namangan, Samarkand, Kattarkurgan, and Angren.

In particular, an agreement has been achieved with the subcontractor on the appropriation of the loan in the amount of 350 million soums for the completion of construction of a 30-flat apartment building in the city of Kattarkurgan (Samarkand region). The total of 242 million soums has already been appropriated for this purpose.

The Navoi branch of the bank has made a positive decision on the financing of a subcontractor for the project on the construction of 24-flat apartment buildings. The total cost of the project is 1,807 million soums. The subcontractor is applying to borrow 1 billion soums. The commissioning of the project is scheduled for September 2008.

In 2007 the UzPromStroyBank issued soft loans to 39 subcontracting organizations, who won the tenders for the construction and reconstruction of 41 objects with the total cost of 72.3 billion soums in ten regions of the country.

For this purpose the bank appropriated some 18 billion soums. Moreover, from its own resources the bank extended loans for the enrichment of the turnover capital of 28 subcontracting companies for the total amount of 5.6 billion soums.