This year, Uzbekistan has been tasked with starting the implementation of escrow accounts in shared construction, as stated in the presidential decree from January 27.
According to the document, from July 1 to December 31, 2025, the attraction of funds from participants for construction will be carried out simultaneously through escrow accounts and the current procedure for shared participation based on a mechanism of direct attraction by the choice of the parties.
From January 1, 2026, shared construction will only be permitted through escrow accounts.
The Central Bank, together with the Ministry of Justice, has been instructed to approve within three months a list of commercial banks that provide project financing for shared construction and operations related to escrow accounts, as well as the criteria for their rights and obligations, and the procedures for managing escrow accounts and project financing of facilities.
The Ministry of Construction and Housing and Communal Services, in collaboration with the Central Bank, will organize an internship abroad within a month for bank employees responsible for project financing of facilities, entering into business participation agreements, conducting operations with escrow accounts, and improving their qualifications with the involvement of specialists.
Additionally, a Republican Commission for managing escrow accounts and implementing project construction procedures is being established, headed by Deputy Prime Minister and Minister of Economy and Finance Jamshid Kuchkarov. The Deputy Heads of the Commission include the Chairman of the Central Bank Timur Ishmetov and the Minister of Construction and Housing and Communal Services Sherzod Khidoyatov.
In December 2024, the president approved the introduction of escrow accounts for purchasing housing. This innovation will begin to be implemented in the "Yangi Uzbekistan" residential areas.
Earlier, Spot reported that the president instructed the creation of a holding for subsidiary farms, Uzagrostar.