The Cabinet of Ministers of Kyrgyzstan received the Decree of President Sadyr Japarov authorising to develop and implement a mechanism for shared residential construction financing for migrant workers and other categories of citizens. The Decree points to the lack of a unified policy for the use of state and municipal lands intended for residential construction. The text of the document is published on the website of the President of the Republic.
Sadyr Japarov emphasised that a great number of citizens working abroad, as well as other citizens are willing to purchase real estate in their homeland through investing in construction. In this regard, they need to be provided with support, favourable economic conditions, legal and social guarantees.
The Cabinet of Ministers was instructed to compile the list of land plots under the jurisdiction of executive authorities and local self-government bodies and give the perpetual right to use them to the State Mortgage Company. Mechanisms for shared residential construction financing will be developed for Kyrgyz citizens.
For example, a citizen who wants to buy an apartment can pay half of its cost in advance and pay off the mortgage balance for 10-15 years.
