Economics

Another KZT20 bn allocated for preferential car loans in Kazakhstan

Photo: Kazpravda.kz/Adilbek Tauekelov
The Development Bank of Kazakhstan allocated 20 billion tenge to support Kazakhstan auto industry under the program of the National Bank of Kazakhstan, Kazpravda.kz cites the bank’s press service reporting.

"DBK, through the issuance of bonds, borrowed from the Kazakhstan Sustainability Fund (a subsidiary of the National Bank). Lending to customers is carried out under the program for lending to buyers of cars of domestic production, approved by the Board of the National Bank on May 31, 2019," the statement says.

The first tranche of 14.5 billion tenge was directed to Halyk Bank (4 billion tenge), Sberbank (7.5 billion tenge), VTB Bank (3 billion tenge). The remaining part of 5.5 billion tenge will be directed to second-tier banks and disbursed by the end of this year.

"Preferential car loans have been in great demand since the first day of launching the Car Loan Program in 2015. Taking into account all the tranches and revolving funds, since 2015 about 15.9 thousand Kazakhstanis have received preferential car loans totaling 71.7 billion tenge. The new program will provide an opportunity for even more Kazakhstanis to purchase new cars of domestic assembly on favorable terms. It is beneficial for both consumers and car manufacturers, "said the managing director of the DBK, Dastan Akhmetov.

It is noted that thanks to the new program, and with the support of the authorized bodies of the Republic of Kazakhstan, it is planned to stimulate the sale of more than 2800 cars. Customers are offered 46 car models of domestic assembly as Kia, Chevrolet, Skoda, Hyundai, LADA, UAZ, JAC, Peugeot, Ravon.

16:50, 18 October 2019
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