Uzbekistan: 50% of mortgage market covered by private funds — Norgulov

Around 50% of Uzbekistan"s mortgage market is covered by private sector funds, First Deputy Minister of Economy and Finance of Uzbekistan Ilkhom Norgulov said at the Business Assembly within the framework of the 13th session of the World Urban Forum 13 in Baku.

Report quotes him as saying the government of Uzbekistan allocated around $1 billion to banks this year.

He stressed that increasing the share of the private sector in the mortgage market has produced strong results.

"This has also created a healthy competitive environment among construction companies that build and sell homes," he said.