Kazakhstan banks will provide deferral to the borrowers affected by floods

01.04.2024

Financial Institutions’ Association of Kazakhstan.

Kazakhstan’s second-tier banks support the urgent measures of the Government aimed at eliminating the consequences of the flood period and supporting the population and entrepreneurs affected by natural emergencies.

For their part, the banks confirmed their readiness to provide the following support:
1. for the period from April 1 to June 30, 2024, to provide deferral in loans repayment to the borrowers - individuals classified as flood victims according to the lists of local executive authorities.
2. for the period from April 1 till June 30, 2024, not to charge fines and penalties for late payments incurred by the individual borrowers whose financial condition has deteriorated due to the negative impact of floods.
3. to grant a deferral of loan obligations to the individual entrepreneurs and small and medium-sized businesses due to the disruption of their business activities caused by floods.

Each second-tier bank will determine specific mechanisms for granting deferral, including the need to submit appropriate applications to the bank and provide documents confirming the facts of force majeure circumstances, independently for all the above categories of borrowers. The banks will soon publish descriptions of these mechanisms and all actions required for borrowers on their official websites and accounts on social media.

Kazakhstan’s second-tier banks are confident that as a result of the implementation of the Government’s flood control measures with the support of the financial sector, the population, and entrepreneurs in the regions affected by the disaster will be provided with all needed assistance, including the restoration of destroyed housing, social and industrial infrastructure.