The government prepares number of preventive anti-crisis measurements in building field and on the market of habitation construction

/INTERFAX-KAZAKHSTAN, Astana, September 18, 07/ - Ministry of industry and trade of Kazakhstan suggests to undertake the number of urgent measurements for stabilization of situation in building, including on the market of habitation construction. "We suggest to undertake the number of measurements directed on increasing of availability of credits, setting of rate on mortgage credits on the level not more than 16% and primary deposit to 20% with monthly volume of crediting not less than 70% from total amount of credits, given by the banks in May 2007. It is about KZT32 bn.", - told the head of department Galym Orazbakov, performing on the session of the government on Tuesday. Current rate - 121.63/$1. "Also it is necessary to consider the possibility of provision by second tier banks with delays of maturity of credits by building companies maximum till March 1, 2008, and also possibility of additionally crediting of building companies on already building companies in the frames of earlier signed agreements for building of projects with term of finishing till the end of current year. It will let not to wreck the agreements, signed with 14 th. stakeholders and finish the building of about 1 m. square meters of habitation", - he told. "We ask banks to restrain till 1 half-year of year 2008 from selling of property provided as pledge on projects in habitation building, what in principle will be interconnected with prolongation of loans or additional crediting of habitation building, - the minister continued, and stressed that "these measurements have to be applied not to all companies, but only to those which are really dealing with building business, positively recommended themselves on the market and of course banks should determine themselves the list of such partners ". "As the system measurement the Ministry of industry offers to start the introduction of mechanism of forced additional issue of shares or stakes of building companies in case of not-returning of credits. It will let not to withdraw the invested assets form production turnover, to continue the building and increased the responsibility of builders", - G.Orazbakov told. At the same time, he noted, in the Ministry of industry understand that "it is necessary to help banks from the point of view of borrowing the internal sources of financing instead of reduced external borrowing". "If National bank decides to decrease insignificantly the requirements demanded from second tier banks, it will let them to release up to $1 bn. In this case not less than 40% or $400 m. banks will have to direct for crediting of building or mortgage", - the head of Ministry of industry thinks. Except this, the minister added, "it is necessary to charge Kazakhstan mortgage company with urgent redeeming of mortgage credits given by state program, - it is about KZT11 bn., and the rest funds have to be borrowed for purchasing of mortgage liabilities upper set limits on state program of habitation building, with rough eliminating on terms applied by the company". Except this in the Ministry of industry consider it is expedient to capitalize the Kazakhstan mortgage company (KMC) by issuing bonds by it. "As a whole it will let to inflow to the banking sector till the end of year about $90 m.", - G.Orazbakov told, noting that "as minimum 80% from this sum banks will have to direct on crediting of building organizations and mortgage". "Applying these measurements we could manage to inflow $470 m., provide the opportunity to support market of immovable till the end of year", - he noted. During the last time on the building market of the republic appeared some confusion, caused by consequences of crisis in the system of mortgage crediting abroad, in particular in USA, because the number of Kazakhstan second tier banks till recent time were actively using foreign sources of financing for financing of internal market of habitation building. [2007-09-18]