OREANDA-NEWS. On 28 January 2009 was announced, that Astana city akimat, “Samryk-Kazyna” national welfare fund” JSC and National economical chamber of Kazakhstan “Atameken “Union” concluded the Memorandum of cooperation. The document was signed by Astana akim Imangali Tasmagambetov, “Samryk-Kazyna” NWF” JSC Board Chairman Kayrat Kelimbetov and “Atameken “Union” NEC Chairman Azat Peruashev.

Memorandum has been elaborated in terms of the realization of the Plan of joint actions of the Government, National Bank and Financial market and financial organizations control and inspection agency of the Republic of Kazakhstan concerning economy and financial system 2009-2010 stabilizing.

The document is to make the joint work of Akimat, Fund and Chamber more active on the following 4 issues of the Plan of joint actions: financial sector stabilization, real estate market problems solving, share construction objects completion, small and medium business support as well as realization of innovative, industrial and infrastructural project including Industrial park development in Astana.

The parties agreed upon the change of information concerning all the issues of Memorandum. The parties will facilitate in the appearing questions.

Besides the cooperation in solving organizational questions Memorandum foresees the number of certain measures concerning the development of the constructional sector and small and medium business.

In fact the parties agreed upon the financing of housing objects construction using several mechanisms:

• Financing through banks of second level with realization of housing at fixed price (96 000 tenge). The means are given to the project company created to complete the object with the following mortgage for physical entities;

• Financing through banks of second level with realization of housing at open price. This mechanism will be realized by opening of credit lines in second-level banks for 15 years for the following mortgage of 15% per annum up to 15 years with the right of early repayment and re-financing. The mortgage will be given the following way:

• Developers are forming pools of customers of apartments according to the scheme of mortgage lending. The formed pool of customers is to cover no less than 30% of the general number of apartments in the object under construction;

• Second-level bank makes decision about the mortgage lending for customers;

• “Samryk-Kazyna” NWF” JSC in accordance with the list of documents funds in second-level bank for the further mortgage lending;

• Construction financing trough the branches of “Samryk-Kazyna” NWF” JSC.

In general in 2008 Astana saw the completion of 99 objects of housing construction and more than 12 thousand people got their apartments.

In the sector of small and medium business the realization of the program “Damu – second-level banks” and “Damu - regions” also helped to avoid the reduction of production volumes.

The signed Memorandum will facilitate the overcoming of the consequences of the world economical crisis as well as the dynamic economical development of Astana.