Rental Housing Fund to lower burden on secondary and primary markets ? Kelimbetov

ALMATY. February 27. KAZINFORM /Daniyar Sikhimbayev/ ?The Fund of Rental Housing is established for purchase of a certain segment of flats. We buy these flats on the National Fund?s means therefore they must be returned. We should buy those flats which can be leased out later?, Kairat Kelimbetov, Head of ?SamrukKazyna? National Welfare Fund has said at today?s sitting in Almaty today.

?That is why we propose a new scheme ? leasing out the flats with a right of their redemption. Kazakhstan has never taken such large-scale step before, I think. This will allow to lower burden on secondary and primary markets?, he added. ?Our objective is to complete construction of houses, sell the flats through leasing and reach stabilization of the situation on the market?, K. Kelimbetov said and reminded of USD 9 bln (KZT 1 trln 80 bln) allotted from the National Fund for this aim. KZT 480 of them were injected into top four banks, KZT 120 bln were received this week for financing small and medium businesses and KZT 120 bln ? for refinancing the mortgage loans. ?As a result, we have KZT 360 bln at present KZT 240 bln of which are envisaged for supporting construction sector and KZT 120 bln will be spent for the development of infrastructure, innovation and investment projects. We plan to use KZT 240 for the solution of the situation on Astana and Almaty markets?, K. Kelimbetov explained.