Altai Kuzdibayev, Chairman of the Board of JSC “Kazakhstan Housing Company” (a subsidiary of JSC “NUH Baiterek”, KHC), participated in the 10th International Housing and Urban Financing Forum (HUF 2024), organized by the Korean Housing & Urban Guarantee Corporation (KHUG). The forum gathered experts, leaders, and representatives of international financial organizations from the United States, Vietnam, and Malaysia to discuss the future of housing construction and urban development.
Key Events of the Forum
The opening of the event featured a welcome address by Mr. Park Sang-wook, Minister of Land, Infrastructure, and Transport of the Republic of Korea, who highlighted the importance of international cooperation in addressing global challenges in urbanization and housing.
Mr. Maeng Sung-kyu, Chairman of the Infrastructure and Transport Committee of the National Assembly, emphasized the need for solutions to improve housing accessibility for all generations.
The forum continued with plenary sessions on the role of housing and urban financing in a changing world. During the second plenary session on Korean experience exchange, experts shared lessons relevant to Kazakhstan's housing sector:
-
Ms. Marie G. Hoek-Smith from the University of Pennsylvania discussed the latest trends in global housing finance and challenges faced by developing countries.
-
Dr. Kim Kyun-tae, Deputy Director of KHUG, highlighted Korea’s economic growth and the role of housing finance in building a successful national model.
As part of the Knowledge Sharing Program (KSP) organized and funded by the Government of South Korea, important work has been carried out, including the study “Policy to Improve Quality of Life in Kazakhstan: Focus on Housing Guarantee System and National Healthcare System” (2016) and the development of the “Plan to Improve Operations and Management of Kazakhstan’s Housing Guarantee System” (2019). These studies laid the foundation for improved housing legislation and the creation of a more sustainable housing market in Kazakhstan, noted Professor Ro Seunghan from Konkuk University.
Highlights of KHC Chairman’s Speech
Altai Kuzdibayev emphasized the strategic importance of housing reforms in Kazakhstan, noting that the company actively addresses both housing supply and demand:
-
Cumulative figures: 222,000 housing units totaling 16.5 million sq. m. have been built for over 1 million citizens.
-
Key support tools include construction financing, bond purchases, guarantees for developers, mortgage subsidies, rental housing programs, and accessible credit instruments for citizens.
“Our goal is to create affordable and quality housing for every Kazakh family. This is achievable only through a comprehensive approach, which includes not only construction financing but also the development of citizen support systems,” said the KHC Chairman.
Altai Kuzdibayev also highlighted the importance of KHC’s digital ecosystem, which includes platforms such as QazReestr.kz to increase transparency in construction and accelerate housing project registration. He also discussed the significance of the REIT (Real Estate Investment Trust) model, which opens new opportunities for attracting private investment in housing construction and helps improve housing affordability in Kazakhstan.
Cooperation with KHUG
A key part of the speech emphasized the importance of collaboration with KHUG. Altai Kuzdibayev stated:
“Today’s forum provides a unique opportunity to collaborate with KHUG and implement your experience in Kazakhstan. It is important to integrate KHUG’s product lines into Kazakhstan’s market, study successful urban renewal practices for dilapidated and emergency housing, and enhance risk management systems. We also aim to strengthen our underwriting processes and improve KYC standards. Together, we can rethink housing systems, not only for our countries but also set a global benchmark that serves as an example for others.”
Conclusion
The forum served as an important platform for exchanging experiences and developing recommendations for housing policy modernization, as well as strengthening ties between Kazakhstan and the Republic of Korea. Participants, including representatives from the World Bank and Asian Development Bank, expressed their readiness for further cooperation with Kazakhstan in housing construction and improving housing accessibility for citizens.