Kazakhstan's national bank allocates over $50M for car industry development
Baku, Azerbaijan, October 18
By Nargiz Sadikhova - Trend:
National Bank of Kazakhstan has allocated 20 billion tenge (approximately $51.3 million) for the program of lending to buyers of cars for support of local automobile industry, Trend reports with reference to the press office of the bank.
The lending program applies to purchasers of cars of Kazakh manufacturing and oversees annual allocation of up to 20 billion tenge over the course of five years (2019 to 2023).
This year, funding worth 20 billion tenge has been allocated to Development Bank of Kazakhstan. The received funds will be distributed among second-tier banks for lending to physical entities – buyers of vehicles.
Nominal interest rate within the program does not exceed annual four percent (annual effective interest rate is up to 7.5 percent), timeframe of the lending is no more than seven years. Cost of the purchased cars should not exceed 15 million tenge (approximately $38,492).
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