Key Facts:
Client: Asian Development Bank/Mortgage Refinance Company of Uzbekistan (UzMRC)
Location: Uzbekistan
Status: Completed
Sector: Infrastructure
Start date: 02/07/2025
End date: 01/10/2025

Project Information:
Mortgage Refinance Company of Uzbekistan (UzMRC) was established by the Government of Uzbekistan in November 2019. After establishing the regulatory framework under the Mortgage Market Sector Development Program’s (MMSDP) policy-based loan component and completing the operational preparations supported by the ADB’s technical assistance, UzMRC commenced its active operations in October 2020, backed by sovereign funding from ADB. The TA is supporting the expanded scope of Output 3 of the MMSDP and will strengthen the capacity of UzMRC in mortgage loan underwriting and monitoring.
National expert closely works with UzMRC and participating financial institutions (banks) to provide hand-on experience in implementation of its Environmental and Safeguards Management System/Policy (ESMS).
Provide training to key UzMRC and PFIs’ staff members to ensure effective implementation and sustainability of the ESMS.

Project Activities:

Major responsibilities include the following activities:
• Jointly with responsible UzMRC officer review ESMS documentation of prospective PFI and recommend actions for PFI to meet the safeguards requirements.
• Conduct periodic training to officers of PFIs on ESMS.
• Review quarterly monitoring reports submitted by PFIs to UzMRC;
• Support UzMRC in preparation of annual safeguards monitoring reports to ADB, which would contain a chapter on implementation of environmental and social safeguards.
• Support project team to conduct additional assessments of environmental and safeguards issues as deemed necessary and requested by project team leader