The Government of Kazakhstan approves new effective rates on mortgage credits and credits for small and medium business

/IRBIS, February 13, 09/ - The Government of Republic of Kazakhstan published today on its official website the information message: Quotation start The session of the Government of Republic of Kazakhstan, chaired by the Prime-Minister of RK Karim Masimov was held on February 13 at Ukimet uyi. Measures on solving problems at real estate market and small and medium business support were discussed during the session. The Government adopted the Resolution on including changes into the Plan of joint actions of the Government, the National Bank and AFS to stabilize economy and finance system in 2009 - 2010 with regard to realization of mortgage crediting and housing construction development special programs. By this Resolution, the Government provides participation of Almaty region in realization of mortgage crediting and housing construction development special programs, which earlier were effective in Astana and Almaty. The Resolution also fixes effective rates of mortgage credits for public sector workers to 9 %, for other loaners - not higher than 11 % APR in tenge (earlier 10.5 % and 12.5 % correspondently). The Resolution sets the upper limit of effective interest rate on credits for SMB to 12.5 % APR (earlier - 14 %). The Government also adopted the Resolution on approving the draft law Agreement on collaboration between the National Welfare Fund Samruk- Kazyna and second tier banks (STB) on solving problems at the real estate market. According to the Resolution, NWF Samruk-Kazyna will accept STB applications for construction in progress finance, including mortgage crediting till March 1, 2009. This Resolution also approves the draft law of master agreement between NWF Samruk-Kazyna, enterprises development fund Damu JSC and STB on placing funds in banks for further small and medium business crediting. The Resolution approves the list of STB and limits of money offering in them. The Resolutions are effective since the signing date. The press service of Prime-Minister of RK Quotation end [2009-02-13]