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Entrepreneurs offer to create a Construction Support Fund

ASTANA. KAZINFORM Director of the Chamber of Entrepreneurs of Astana city Beisen Zholboldiev proposed to create a Construction Support Fund, Kazinform correspondent reports.

According to him, today there is a lack of affordable mortgage lending programs.

“Most of the constructed facilities are sold through mortgage lending. Here, unfortunately, one after another, “inexpensive” programs left the market due to the development of the allocated limits, and the “7-20-25” program is on its way. This is a limited version where not everyone can apply through this program. There are simply no other alternative lending programs. There is, of course, the Otbasy Bank, but not everyone has 50% of the original and additional collateral,” Beisen Zholboldiev said during a meeting of the city’s business community with deputies of the Senate.

According to the Capital Chamber of Entrepreneurs, sales in the city decreased by 6.2% compared to January-August 2021

In this regard, the speaker asked the deputies to support the proposal to create a Construction Support Fund. The fund will be called upon to lend to developers, residents of the Republic of Kazakhstan for the construction of residential facilities with subsequent transfer for the sale of residential facilities to a single operator.

It was also proposed to develop regional programs to support the construction industry. This would ensure the availability of subsidized mortgage programs to stimulate demand in the housing market and give a new impetus to the construction sector, maintain existing and create new jobs.

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