OREANDA-NEWS. September 11, 2009. Despite the global financial and economic crisis the volumes of mortgage lending are steadily increasing in Turkmenistan, in particular the issuance of large loans by banks to citizens of Turkmenistan for the purchase of apartments in residential buildings with improved comfort and design. This was reported by Vice-Premier Tuvakmammet Japarov at a government meeting.

"The 2.4-fold increase in capital investments by the end of July year-on-year and increase in the volumes of loans along with the 80% growth of budget expenditures by the end of this August helped to prevent the negative impact of the global crisis on Turkmenistan's economy," he said.

The Vice Prime Minister also said that the construction of one-and two-storey houses at the expense of long-term soft loans is well under way in the regions of Turkmenistan. "As of today, based on the creditworthiness of citizens wishing to build housing at the expense of mortgage loans, tripartite agreements have been signed with 656 of them," the deputy head of the government said.