Government intends to increase capitalization of KMC by KZT20.5 bn. in year 2007 - head of Ministry of economy
16.10.07 14:52
/INTERFAX-KAZAKHSTAN, Astana, October 16, 07/ - Government of
Kazakhstan indents to increase in year 2007 the capitalization of Kazakhstan
mortgage company JSC (KMC) by KZT20.5 bn. (current 120.66/$1) for
redeeming of mortgage credits form second tier banks.
"By us is offered to increase the volume of redeeming of requirements rights
from second tier banks on mortgage credits through Kazakhstan mortgage
company. For that in year 2007 is offered to increase the volume of its
funding from republic budget by amount of KZT20.5 bn.", - told the minister
of economy and budget planning Bakhyt Sultanov on the session of
government on Tuesday in Astana.
Except this, by his words, the given institution may also conduct borrowings
on the market of loan capital, and these resources would be directed on
stabilization of mortgage market, first of all for security of rights of
stakeholders of building habitation.
"In case of need sum of capitalization of the company would be increased in
year 2008", - B.Sultanov stressed.
Meanwhile, as the minister noted, in the frames of state support of financial
sector the government intends to increase financing of development
institutions, which "will be able to provide continue of financing through
banking system of small and middle business' organizations on terms
acceptable for them".
"Because this segment of market needs significant funds, which per se are
not disappearing but have the returning character, is it suggested to extract
from republican budget KZT122 bn. for these aims", - the minister stressed.
At that, as he had noted, state fund Kazyna have to provide "in order credit
rates for final receivers - organizations of small and middle business - would
be adequate to situation and enough effective". "Borrowers, which are
realizing the perspective large projects, also would be crediting on terms, not
worse than by second tier banks", - B.Sultanov explained in this connection.
By his words, as the result of realization of these mechanisms of financing it
is expected the "decision of questions of stakeholders and provision of
stability of mortgage market by its smooth correction, and also unbreakable
realization of projects of small and middle business and perspective
investment projects".
KMC is working on financial market of republic since December 2000 in the
frames of realization of state habitation program.
Main directions of activities of KMC are purchasing of requirement rights on
long term mortgage habitation loans, given by banks, and also borrowing of
long term resources for mortgage crediting, including by issuing of own
mortgage securities.
Shareholder of company is government in face of Ministry of finance.
[2007-10-16]