Bishimbayev clarified main aspects of Nurly Zher program

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ASTANA. KAZINFORM Nurly Zher governmental program aims at transition from mortgage lending to stimulation of private developers, Minister of National Economy Kuandyk Bishimbayev has said it today at the Government's sitting.

“The concept of the program provides for transition from direct financing of housing construction to development of mortgage lending and stimulation of private developers,” said the Minister.

According to him, the main objectives of this program are as following:

·         Boosting demand in housing by issuing affordable mortgage loans to the second-tier banks and subsidizing their interest rates;

·         Boosting supply by issuing affordable loans to the developers for housing building;

·         Construction of credit housing for depositors of Housing Construction Savings Bank  and establishment of a regional rental housing fund.;

·         Development of individual housing construction by allocation of land parcels and building utilities lines at the government’s expense. These expenditures will be paid back later.

Presently, the Ministry discusses the issue together with the interested governmental agencies, National Chamber of Entrepreneurs, financial institutes (Kazakhstan Mortgage Company, Housing Construction Savings Bank and second-tier banks) and local akimats.   General public will be also involved in discussion of the document, the Minister added.

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