- An ADB project in Kazakhstan is helping women, especially those in provinces, obtain affordable housing.
- Over 2,000 women in Kazakhstan have already benefitted from an ADB-supported housing program that exclusively targets women.
- An ADB-supported housing project for women in Kazakhstan demonstrates the bank’s commitment to advancing gender equality and women empowerment.
ADB’s $100 million project provides targeted support for Kazakhstan women, especially those in provinces, to obtain affordable housing.
Over 2,000 women have already benefitted from this project implemented jointly with Otbasy Bank.
To avoid exchange rate risks for borrowers, ADB provided the funding in local currency raised through the first tenge gender bonds issued on Kazakhstan’s stock exchange.
The project is a testament to ADB’s resolute commitment to advance gender equality.
Transcript
Gulzhahan Nurgaliyeva is a conveyor operator who has lived in rented accommodation for several years.
This year, she finally got to move into her own home thanks to Kazakhstan’s first housing program for women that ADB financed.
Gulzhahan Nurgaliyeva, resident of Temirtau
“I didn’t have my own place, I had been renting a flat for two years in a row. Then I learnt from a colleague at work that there is a bank program and that you could use it to buy a flat. I can say that after buying a flat my life has changed 100%.”
Almost half of Kazakhstani women work, but they earn around one-third less than men, which makes it hard to secure affordable mortgage finance.
Providing equal opportunities to women is important, and essential to development.
That’s why ADB’s $100 million project in local currency provides targeted support for women, especially those in provinces.
Rahilya Baltabayeva, Director of Sales and Regional Development, Otbasy Bank
“The project is called Promoting Gender Equality in Housing Finance.
A working woman, who is an individual entrepreneur or an employee, can apply and obtain the housing finance with a minimum down payment of 15 to 20 percent. Over two thousand women have used the program so far. It shows the programme is quite affordable for any working Kazakhstan woman.”
To avoid exchange rate risks for borrowers, ADB provided the funding in local currency raised through the first tenge gender bonds issued on Kazakhstan’s stock exchange.
Dai Chang Song, Principal Financial Sector Specialist, Asian Development Bank
“This is the first financial intermediation loan not only in Kazakhstan but also in Central and West Asia exclusively for women, especially outside the two major cities of Astana and Almaty.”
Mirzo Iskandar Gulamov, Senior Country Specialist, Asian Development Bank
“This project is a testament to our resolute commitment to advance gender equality and promote the social and economic inclusion of the vulnerable population.”
