October 12, 2011 – A World Bank mission is visiting Bishkek this week to support implementation of the Second Land and Real Estate Registration Project. According to World Bank officials, the system for registration of land and real estate in the Kyrgyz Republic is achieving a level of performance which compares favorably with systems in many Eastern European countries,
Funded by a $5.85 million grant to Kyrgyzstan from the World Bank, the registration system offers the public computerized registration, on-line access to information, and transaction processing times of less than two days. These features make it easier, faster and more secure to buy and sell property.
The system is strengthening the banking sector through mortgages and market data. It is also improving public finance through the creation of a self-financing registration system. The development of the digital system of land and real estate registration is generating benefits for other areas as well. These include geographic data for the development of large infrastructure investments, agricultural development and environmental management based on digitization of the land parcel boundary maps for 1.5 million land parcels.
Many practices of good governance are exemplified in the land and real estate registration system. Examples include the automation of workflows through digital technology, the cost-effective use of open source software, and improved access to geographic information based on satellite geo-referencing technology. International standards in financial management and accounting are being implemented in the registration system to strengthen financial transparency. The Second Land and Real Estate project will be completed in 2013.