“Baiterek” Holding took part in the World Bank conference

“Baiterek” Holding took part in the World Bank conference

Ainur Kuatova, Managing Director and member of the Management Board of “NMH “Baiterek” JSC took part in a World Bank conference on the issue of housing construction finance held in Washington. 

During the forum, A. Kuatova made a detailed report on the assistance of “Baiterek” holding to the development of the housing policy in Kazakhstan and the implementation of “Nurly Zher” comprehensive housing construction program. The program was developed on behalf of the President Nursultan Nazarbayev in 2016 with the participation of the Holding and integrated all the previously existing and new mechanisms for housing market support.

Baiterek” Holding implementing “Nurly zher” program forms a full cycle of housing access system for the population of Kazakhstan on a market basis - it provides both demand and supply” - noted Ainur Kuatova.   

The speaker announced a number of specific results achieved by “Baiterek” and its subsidiaries in the housing construction area. In particular, one of the key tools of housing policy implementing is Zhilstroysberbank - the only financial institution of the former Soviet Union that has adopted the European experience and started implementing the system of housing construction savings.   

To date, the share of Zhilstroysberbank in the residential mortgage market of Kazakhstan is 35%. Annually the bank finances the purchase of housing on an average amount of 170 billion KZT (520 million USD). The bank granted loans for the amount of 243 billion KZT (744 million USD) in 2017, which accounted for three quarters of the country's total mortgage. The financial institution over the entire period of its activity, assisted to improve the living conditions of more than 140,000 citizens of Kazakhstan by loans granting for the amount of about 850 billion KZT (2.6 billion USD)” – said A. Kuatova.   

Also, the work of Kazakhstan Mortgage Company was noted by means of which second-tier banks purchased 62.6 thousand mortgage loans for a total amount of 212 billion KZT (647 million USD) for the entire period of activity, 1,4 thousand mortgage loans were granted and 3 thousand applications were approved for subsidizing. In addition, the mechanisms of the Housing Construction Guarantee Fund, “Damu” Fund and “Baiterek Development” JSC are presented.

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