New World Bank Financed Project to Strengthen Property Market in Tajikistan

New World Bank Financed Project to Strengthen Property Market in Tajikistan

New World Bank Financed Project to Strengthen Property Market in Tajikistan

The FINANCIAL -- The World Bank Board of Executive Directors approved on April 4 the financing of US$10 million from the International Development Association for the Tajikistan Real Estate Registration Project, which will support the implementation of a unified registration system for immovable property, which should contribute toward the development of property market in Tajikistan.

“The World Bank has been supporting land reform in Tajikistan for more than a decade, especially in rural areas through the provision of land certificates to households,” said Patricia Veevers-Carter, World Bank Country Manager for Tajikistan. “Well-functioning land markets are important for private sector development, as land can be used as collateral or be traded, which allows households and businesses to have greater access to finance, including for productive investment. The new project will establish a reliable, transparent, and efficient land registration system, facilitating the legal enforcement of property rights, which is an important step toward the development of a modern property market in Tajikistan.”

The Tajikistan Real Estate Registration Project will finance the following components: a) developing the real estate registration system, throughout the country with efficient procedures, systems and human resources; b) developing solutions for organizing and digitizing the documents and data currently available in the state system; c) creating systems for data management and electronic registration; and d) developing a legal framework and increasing public awareness of the registration system.

By registering all rights to land and property in a system that is transparent, efficient and accessible, the legal enforcement of property rights is enhanced for all owners - public, private and individual citizens. Strengthening the registration service to reduce costs and improve efficiency also supports the development of the property market – as transactions are more secure once registered, more citizens and businesses will be willing to buy and sell. Increased tenure security would also allow for more secure mortgaging of real property, thus laying the foundation for productive investments, business development and job creation, according to the World Bank.

The State Unitary Enterprise for the Registration of Immovable Property will implement the project in close coordination with the State Committee for Land Management and Geodesy of the Republic of Tajikistan from June 2016 to October 2020.

The World Bank’s active portfolio in Tajikistan includes 24 projects (including regional projects and trust funds) with a net commitment of US$405 million. It is aimed to support economic growth through private sector development, and to increase investment in better public services for people, such as education, health, municipal services and social protection.

The World Bank Group is committed to continue supporting Tajikistan as it strives to improve the lives of its people and meet the aspirations of its young and growing population.

 


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