Kazakhstan to invest USD 1bn to promote residential construction.

By bne IntelliNews February 16, 2011
Kazakhstan will invest KZT 150bn (USD 1bn) to promote residential construction in 2012. According to the governments project, it is planned to invest KZT 40bn to build infrastructure needed for new development, KZT 45bn will be provided to local authorities for the construction of public housing and the remaining part of the funds will be deposited in commercial banks which will provide mortgages to buyers of low-cost houses. The government plans to construct 6mn m2 of residential property under the project. Significantly, Kazakh president Nursultan Nazarbayev instructed the government to boost residential construction in its speech addressed to ruling party Nur Otan on Feb 11.

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