Arab Firm Consults Mortgage Company on Residential Complex Construction
State Mortgage Company Signs Contract with Enwan Consultant Bureau for Construction of Muras Residential Complex
The State Mortgage Company has recently signed a contract with the Arab company Enwan Consultant Bureau to provide consulting services for the construction of the third stage of the Muras residential complex in Bishkek. This project is being financed by the Saudi Fund for Development, as reported by 24.kg news agency.
Under the loan agreement for the “Housing Finance in the Kyrgyz Republic” project, the Saudi Development Fund will provide $100 million for a period of 25 years, with a five-year grace period. This funding will be used by the State Mortgage Company to construct 17 24-story buildings, totaling 2,256 apartments with a combined area of 172,206 square meters.
These apartments will be made available under the “rent with subsequent purchase” mechanism, catering to social, preferential, and affordable mortgages. Participants of the housing program “My Home 2021-2026” will have the opportunity to make monthly payments towards both rent and eventual ownership of their homes.
The State Mortgage Company plans to use the funds received from borrowers to repay the loan to the Saudi Fund for Development, ensuring the successful completion and sustainability of the Muras residential complex project. This initiative aims to provide much-needed housing solutions for residents in Bishkek and contribute to the overall development of the Kyrgyz Republic.
