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Guarantees? Only on favorable terms

27 February 2017 - Kostanay Region
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Kostanay businessmen asked "Housing construction guarantee fund" to relieve them from red tape

The new law "On the equity participation in housing construction", as well as the mechanism of guarantees on the part of the Fund were presented at the Chamber of entrepreneurs of the region.
As it was stated by the Managing Director of JSC "HCGF" Kanat Ibraev, a new law – is the requirement of time, since the previous one, from 2006, in practice, it proved to be ineffective. For the last ten years only one permit to attract many of equity share holders was issued in Kazakhstan, however, in the end, it was not used.

"All developers dodged the law, by signing co-investment agreements, shares and so on. The new Act of 2016 explicitly prescribes that any involvement of money from individuals and legal entities shall be directed at equity construction at the sites, which are not put into operation. And it will be clearly monitored", - said Ibraev.

In turn, "HCGF", created under JSC "NMH" Baiterek", provides guarantees of the shareholders themselves. It enters into a contract with a construction company, and, if the company can’t finish the construction, it takes care of it itself. Thus, the population does not bear financial losses.
According to Kanat Ibraeva to conclude a contract with the fund a company must meet certain requirements. In particular, there are three years of construction with concrete volumes, and break-even activity over the last two years. However, businessmen, as demonstrated by the meeting, want to work on favorable terms.

"We at JSC "Baiterek Development" only at the first stage of signing contracts brought four suitcases of documents. Four suitcases! It is the internal rules. Okay, I have people sitting, who stamp the copies. But everyone understands that we live in the 21st century, new technologies. You can in fact send documents in electronic format, and with them only to carry the original. We need to pay attention to that, because we are only talking about a reduction of documentation, but it remains at the same level", - said the director of LLP "BK-Story", a member of the Regional Council of the Chamber of Entrepreneurs Igor Kim.

As assured Kanat Ibraev, now the Fund is considering the issue on simplifying contracting procedures and, in particular, its transfer into electronic format. In general, the participants of the meeting (and heads of leading construction companies in the region have been invited to it), were able to detail and to learn firsthand how beneficial they will interact with the new structure.


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