13th Mar 2009 07:01
13 March 2009
JSC Halyk Bank started realization of the Government anti-crisis program
In the first decade of March 2009, JSC Halyk Bank ("Halyk Bank" or "Bank") received KZT 24 billion for refinancing of mortgage loans and KZT 11.7 billion for lending to SMEs from the Government of Kazakhstan. These funds have to be disbursed within three months from the date of receipt by the Bank from the National Wealth Fund Samruk-Kazyna and Joint-Stock Company «Entrepreneurship Development Fund "Damu" («Damu Fund»).
To stabilize the national economy and the financial system of Kazakhstan the Government, the National Bank of the Republic of Kazakhstan and the Agency of the Republic of Kazakhstan on regulation and supervision of financial market and financial organizations worked out a joint plan ("Plan") of measures for 2009-2010.
In accordance with the Plan, KZT 120 billion were allocated for refinancing of mortgage loans of the second-tier banks, including KZT 24 billion allocated to Halyk Bank. Refinancing of mortgage loans will be made in tenge at interest rates of either 9 or 11 % p.a. The obligatory requirements to the Borrower include the following: the dwelling is the only residence of the Borrower, the dwelling space does not exceed 120 square meters, the absence of overdue payments, etc. The interest rate of 9% p.a. is applicable for the following types of the Borrowers: public officers, employees of government-owned enterprises not related to public officers, employees of government-owned enterprises, veterans and invalids of the Great Patriotic War and persons equated to them, pensioners and invalids. For other Borrowers the interest rate will be 11% p.a.
For SME lending the Government allocated KZT 240 billion to 12 banks including KZT 11.7 billion to Halyk Bank. 70% of these funds will be used for refinancing of outstanding projects and 30% - for new projects at the nominal interest rate not exceeding 12.5% p.a. and effective interest rate not exceeding 14% p.a. The funds for support of SMEs were granted through Damu Fund. In accordance with this program, Halyk Bank jointly with the Damu Fund launched a special lending program which will be valid from March until June 2009. The main terms of the program include the following: maximum amount of the loan is up to KZT 750 million, tenor of the loan - up to 7 years.
The purpose of financing includes the following: business development, replenishment of working capital, investments: purchase of movable property / building and commercial premises renovation, etc. The requirements for obtaining the loan include the following: availability of the functioning business, no negative credit track-records, no overdue taxes and other obligatory payments to the state budget.
Starting from its foundation, Halyk Bank has been the partner of the Government in realization of social projects for the population, in particular, in transfer and payment of pensions, allowances and salaries, receipt of tax, utilities and other payments.
Being one of the largest systemic banks in Kazakhstan, Halyk Bank actively participates in realization of the Government anti-crisis program aimed at stabilization of the national economy and improvement of Kazakhstan citizens' welfare.
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For further information please contact:
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Halyk Bank
Zhanara Aikimbayeva Director, International Department Assel Atinova Head, Financial Institutions |
+7 727 259 07 96 +7 727 259 04 30 |
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