No additional financing for Kazakhstan's construction sector: Nazarbayev

Kazakhstan President explained to the businessmen asking him for money that the money belong by the people, Tengrinews.kz reports. "We would like to ask for a support to the real estate market, so that people can get cheap long-term loans," chairman of the Constructors Association Aidyn Rakhimbayev said. "60-70 percent of purchases are made with the help of loans in the world. We ask you to support the suggestion. By helping the real estate market today, you will spur the construction market that will tomorrow repay the investments in taxes over and above," he called to the President. "You all think that we are distributing somebody's money here. This is the state money, the people's money. It has to be rationally spent and they have to pay back. Kazakhstan still has not learnt the first and foremost market principle: spend 1 dollar - get at least 1.1 dollar back. This is the corporate principle. This is how the state has to manage things. And you all just ask. We do everything possible. The crisis is approaching, a new wave. Do you see what is happening in Europe, in the world? That's what we have to get ready for," Nursultan Nazarbayev said. He has explained to Rakhimbayev that all the programs of housing construction have already been adopted in Kazakhstan and there will be no additional financing. "The state needs the money for other purposes. Everything has been done! There are savings, there are loans. The money has allocated for the Affordable Housing Program. $1 billion has been allocated for young families. Work within this program," he said. By Renat Tashkinbayev