Kazakh president instructs that 360 bn tenge be allocated for housing construction
Kazakh President Nursultan Nazarbayev has instructed the government to allocate additional funds as part of anti-crisis measures, the presidential press office has said.
Using the country's abilities and saved money as a result of the forex rate adjustment the government can allocate additional funds, Nazarbayev was quoted by the press office as saying in a statement written on Twitter.
The head of state instructed that 360 billion tenge (360.37 tenge/$1) be allocated for the financial support of housing construction, including 53 billion tenge for the construction of rented housing, 149 billion tenge for lending to housing construction, 22 billion tenge for lending to depositors, and 97 billion tenge for the support of private developers on condition that these funds are paid back.
These measures will allow Kazakhstan to get another 1.5 million sq meters of housing space in 2016 and accordingly boost its GDP, according to the president.
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