Minister of Industry and Construction Kanat Sharlapayev explained why the 4% auto loan program is a thing of the past during a press conference following a government meeting, as reported by the national portal “Adyrna.”
“We have addressed this question before. No one is fully satisfied with the subsidized loan because the reason is clear: demand is high, but the allocated funds are limited. However, both automakers and the financial market continue to evolve. For example, the government is now supporting a legislative mechanism to introduce leasing options for individuals. Additionally, car dealerships are offering various financial tools that allow for installment payments,” the minister stated.
Kanat Sharlapayev also reminded that funds from the subsidized auto loan program would be redirected to support public transportation.
“I believe the funds allocated for the subsidized auto loan program were used wisely. The money is now being directed to support public transportation in cities and regional centers. We invested not only in urban transportation but also in inter-district routes. I think this is the right approach. Instead of providing subsidized loans for private cars, we are focusing on improving the quality of public transportation, which serves more people. We closed the subsidized auto loan program a year and a half ago, and those funds are now being used for public transportation development,” he said.
