Kazakhstan can provide extra KZT10bn for car loans

ASTANA. KAZINFORM The government can allocate additional KZT 10 billion for automobile lending. This was announced by Kazakh Minister for Investment and Development Zhenis Kassymbek during a meeting with people, Kazinform correspondent reports.

At the meeting, a person asked the minister about the car lending program, very popular among Kazakhstanis. In reply, he said that the government would resume the program.

"That program started two years ago. The Government allocated KZT26bn of the budget for its implementation. As a result, over 9,000 Kazakhstanis purchased new cars which makes up 30 percent of the total sales. These loans were issued for 5-6 years. The loaners will return this money to banks within 1-2 years. The funds were allocated to banks for 20 years. This year, we requested the government to allocate additional KZT 10 billion for these purposes," Zhenis Kassymbek added.