Housing A Priority In Diversification Efforts

Kazakhstan's largest private bank Kazkommertsbank will finance US$1bn in construction projects in the country's commercial capital, Almaty, through 2012, with half being allocated to homebuilding as the country seeks to re-ignite its residential construction market. The announcement by the Almaty city government reflects the country's wider efforts to meet the demands of its domestic population - as rapid, natural resource-driven economic growth boosts public coffers. Fuelled by industrial demand, we anticipate strong growth in Kazakhstan's construction sector over the coming years, while government attempts to diversify the economy away from oil present upside for the residential and commercial sub-sectors.

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