ASTANA – The Asian Development Bank approved a 90 billion tenge (US$173.6 million) loan to Otbasy Bank to expand access to affordable housing finance for women in Kazakhstan and introduce green mortgage products for low- and middle-income households nationwide, reported the bank’s press service on April 1.
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The project is expected to provide residential mortgage financing to more than 2,000 eligible households, with priority given to women borrowers. It will also support the development of a green mortgage framework that could be replicated across Kazakhstan’s banking sector, promoting the construction and financing of more affordable, energy-efficient housing.
Women make up more than half of Kazakhstan’s population but earn around 25% less than men on average, limiting their access to housing finance and highlighting the need for long-term solutions. More than 80% of the country’s housing stock is energy-intensive, underscoring the importance of green mortgage products in improving energy efficiency and affordability.
ADB Country Director for Kazakhstan Utsav Kumar said the bank’s partnership with Otbasy Bank under the Umai program demonstrated how access to affordable mortgages can expand economic opportunities for women.
“The new project takes the program’s success further by including green mortgage products that will help households reduce energy costs and promote sustainable housing,” Kumar said.
ADB also approved $500,000 in technical assistance, co-financed with Otbasy Bank, to strengthen the bank’s capacity to assess and manage climate risks and integrate environmental, social and governance standards into its housing finance operations.
Kazakhstan joined ADB in 1994. Since then, the bank has committed more than $8 billion in loans, grants and technical assistance to support development across key sectors, including public sector management, transport, finance and energy.
