ADB to support Kazakhstan's state housing finance program
BAKU, Azerbaijan, October 25
By Nargiz Sadikhova – Trend:
The Asian Development Bank (ADB) has approved a $100 million loan to help expand the lending operations of the Housing Construction Savings Bank of Kazakhstan (HSCBK), which is participating in country’s housing finance program, Trend reports with reference to ADB.
According to the bank, although 4.4 million out of the 9.1 million women in Kazakhstan are in the labor force, women are still paid on average one-third less than men.
“Lower income levels mean they also find it more difficult than men to obtain affordable mortgage financing,” the report said.
As well as providing long-term affordable mortgage financing to more than 3,000 eligible women, the Promoting Gender Equality in Housing Finance Project will also ensure that gender inclusiveness is integrated in the banking sector’s housing finance operations. The project will support HSCBK’s adoption of a gender policy and the implementation of three nationwide public awareness campaigns on housing finance products for women.
“More than 60 percent of ADB’s loans to HSCBK will be allocated to women in rural areas, while at least 20 percent will be earmarked for low-income women borrowers,” the report said.
In addition to the loan, ADB will also implement a $620,000 technical assistance grant to strengthen the operational capacity, quality, and reach of HCSBK in relation to the low- and middle-income female population in Kazakhstan, with a focus on financial inclusion and poverty reduction.
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