Government allocates 35 billion soms to boost SMC’s authorized capital
Kyrgyzstan Allocates Funds for State Housing Program and EBRD Obligations
In a recent development, the Cabinet of Ministers of Kyrgyzstan has approved the allocation of significant funds for the implementation of the state housing program Menin Uyum and the repayment of obligations to the European Bank for Reconstruction and Development (EBRD). The announcement was made by Deputy Dastan Bekeshev on his Telegram channel.
According to the order signed by the Cabinet Chairman on February 21, 2025, the Ministry of Finance of the Kyrgyz Republic, in cooperation with the Committee on Budget, Economic and Fiscal Policy of the Parliament, will increase the revenue side of the republican budget for 2025 by 45,696.7 billion soms. This increase will be funded by the profits of the National Bank of the Kyrgyz Republic for the year 2024.
A significant portion of the allocated funds, approximately 35 billion soms, will be utilized to increase the authorized capital of the State Mortgage Company (SMC) OJSC to support the state housing program Menin Uyum. Additionally, $9,596.6 million will be paid to the National Bank of the Kyrgyz Republic as part of the obligations under the Guarantee Agreement with the EBRD.
Any remaining funds after fulfilling these payments will be transferred to the stabilization fund of the Kyrgyz Republic. The Department for Control over the Execution of Decisions of the President and the Cabinet of Ministers will oversee the implementation of this order.
This move highlights the government’s commitment to providing affordable housing solutions for its citizens and fulfilling its financial obligations to international partners like the EBRD.
