JSC "Baiterek Development" ceased its activities

Subsidiary of the National Managing Holding "Baiterek" - JSC "Baiterek Development" ceased its activities by merging with JSC "IO" Kazakhstan Mortgage Company".

Earlier it was reported that the Baiterek holding on behalf of the Head of State Kassym-Zhomart Tokayev is carrying out large-scale work to create a single operator of housing construction. It will include three subsidiaries of the Holding - Baiterek Development (BD), the Kazakhstan Mortgage Company (KMC) and the Housing Construction Guarantee Fund (FGZHS). Note that by the end of this year, the FGZHS, as well as the mechanism for subsidizing loans to private developers of the Damu Fund will be merged with the CFC.

The single operator will start its activities in January 2021 under the new name of JSC "Kazakhstan Housing Company".

Recall that Baiterek Development JSC was the financial operator of the Nurly Zher state housing construction program and ensured the availability of financial resources for the country's construction industry. The BD financed the construction of credit housing through the purchase of government securities of local executive bodies. With the liquidation of the organization, its functions were transferred to the Single Operator.

Thus, at the moment the structure of the "Baiterek" holding includes 10 subsidiaries. These are Development Bank of Kazakhstan JSC, Kazyna Capital Management JSC, Damu Entrepreneurship Development Fund JSC, House Construction Savings Bank of Kazakhstan JSC, Kazakhstan Investment Fund JSC, Kazakhstan Mortgage Company IO JSC, Fund JSC guaranteeing housing construction ”, JSC“ Export Insurance Company “KazakhExport”, JSC “QazTech Ventures”, LLP “Kazakhstan Project Preparation Fund”.