Uzbekistan to introduce escrow accounts in shared construction starting July 2025

According to the decree, from July 1st to December 31st, 2025, funds from buyers for construction will be collected through both escrow accounts and the current method of shared participation, with the choice of mechanism left to the parties involved.

From January 1st, 2026, shared construction can only proceed through escrow accounts.

The Central Bank, in collaboration with the Ministry of Justice, is tasked with approving, within three months, a list of commercial banks authorized to conduct project financing for shared construction and manage escrow account operations. Additionally, the list will define the criteria for the banks' rights and obligations, as well as the procedures for maintaining escrow accounts and financing construction projects.

The Ministry of Construction and Housing and Communal Services, along with the Central Bank, will organize international internships for bank employees responsible for project financing, signing business participation agreements, managing escrow account operations, and enhancing their qualifications with the help of specialists.

A Republican Commission to oversee escrow accounts and implement the new project construction procedure is being established. The commission will be led by Deputy Prime Minister and Minister of Economy and Finance, Jamshid Kuchkarov. The Deputy heads of the commission will 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 the purchase of housing. This new approach will first be implemented in construction projects within the "New Uzbekistan" neighborhood.