The president has approved a proposal to implement escrow accounts to safeguard citizens' funds from unscrupulous developers.

Uzbekistan, Tashkent – According to AN Podrobno.uz, this year, Uzbekistan will complete the construction of residential buildings comprising 100,000 apartments. For the upcoming year, there are plans to build high-rise buildings featuring 120,000 apartments. This information was discussed during a meeting with the president today. Additionally, officials presented their proposals to the head of state regarding protecting citizens' funds from unscrupulous developers.

https://podrobno.uz/cat/politic/prezident-odobril-predlozhenie-po-vnedreniyu-eskrou-schetov-dlya-zashchity-sredstv-naseleniya-ot-ned/2024-12-13 08:13:59

It is important to note that the country plans to introduce an escrow account system for this purpose. These accounts will be opened in commercial banks for each construction project based on an agreement between the client and the bank.

From the funds accumulated in the account, commercial banks will be able to offer loans to the client at a reduced interest rate. The developer will only be able to access the funds from the buyer's escrow account after the construction is completed. In the event that the developer fails to fulfill their obligations, the money will be returned to the owner.

The President has approved the proposals and instructed to develop the legal framework for the system, as well as to integrate it with the ministries and agencies related to the construction sector.