National Bank Chairman proposes to work out auto lending programme modelled on 7-20-25 porgramme

30 January, 2019, 12:57 585
National Bank Chairman proposes to work out auto lending programme modelled on 7-20-25 porgramme

The initiative aims at stimulating the domestic car manufacturing. 

In 2019 the National Bank is willing to rapidly establish and fund a preferential lending programme for purchasing domestic cars, Chairman of the National Bank Daniyar Akishev told, Bnews.kz correspondent reports.

“The programme will be achieved through banks with securitized loans following the example of the 7-20-25 programme and based on its infrastructure. We think that the car manufacturing as construction is a capital-intensive sector with high technologies and has a huge economic multiplier effect,” he said.

Akishev has noted that this initiative will give a positive effect on import substitution and will allow tackling with the downward growth trend in import goods subject to lending.

“And, this will make it possible to activate work on car manufacturing,” said Head of State Nursultan Nazarbayev.

“You’re right. We will increase demand for local goods, and are willing to work these proposals out with the Government and banks in the short time,” said Daniyar Akishev.