Kyrgyzstan will create a state mortgage company

Almaty. July 15. Silkroadnews - Kyrgyzstan will create an open joint stock company "National Mortgage Company" by decree signed by Prime Minister of the KR Temir Sariev on Wednesday, reports KyrTAG.
The company's founders is the Fund of State Property Management under the Government of the Kyrgyz Republic. The authorized capital is set at ten million soms by the issue and payment of ten thousand ordinary registered shares.
Within 5 years, starting from 2016, not later than 1 May each year, the authorized capital of the joint stock company will be increased by one hundred and fifty million to seven hundred and sixty million soms by the issuance and placement of additional ordinary registered shares.
State Mortgage Company is created in order to ensure the full functioning of the mechanism of mortgage lending in the Kyrgyz Republic, as well as to create conditions for the adoption and implementation of the state program of the Kyrgyz Republic to provide housing for social workers, military personnel, state and municipal employees by means of mortgage lending.
The decision comes into force within 10 days from the date of publication.