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The President approved a proposal to introduce escrow accounts to protect the population`s funds from unscrupulous developers
Recall that for this purpose, the country plans to launch an escrow account system. They will be opened in a commercial bank for each construction project based on an agreement between the customer and the bank.
Commercial banks will be able to provide loans to the customer at a reduced rate from the funds accumulated in the account. The developer will be able to receive funds from the buyer's escrow account only after the completion of construction. If the developer fails to fulfill its obligations, the money will be returned to the owner.
The President approved the proposals and gave instructions to develop a legal framework for the system, as well as integrate it into the ministries and departments related to the construction sector.
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