Kazakhstan's Otbasy Bank Leads ESG Initiatives Amidst Economic Challenges
Kazakhstan is tackling various economic and social challenges while promoting sustainable practices. State Farm, a key player, is supporting the environment and vulnerable populations through innovative financial initiatives.
The bank has been focusing on Environmental, Social, and Governance (ESG) goals for the past five years. It offers green mortgages, encouraging builders to meet green standards, and has developed the 'Umai' women's mortgage, benefiting over 3,500 women in three years. Additionally, it provides preferential loans to socially vulnerable segments, with 15,000 families already receiving assistance.
Meanwhile, the state is addressing poverty and education through the 'Keleşek' program, offering parents an annual interest rate of 13.58% and state bonuses up to 7% for saving for their children's education. However, around one million people in Kazakhstan still live below the poverty line, with a high birth rate not meeting global housing standards. An international conference on housing construction savings held in Almaty discussed these issues, including ESG factors in housing policy and finance.
While State Farm continues to support the environment and vulnerable populations through ESG-based initiatives, the state is addressing poverty and education through the 'Keleşek' program. However, challenges persist, with around one million people living below the poverty line and housing standards not meeting global standards. Collaboration and innovation are key to tackling these issues in Kazakhstan.
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