Amendments to Law on Share Construction to close access to market for most of construction companies - Kazakhstan Constructors Association

Astana. November 18.Kazakhstan Today - Amendments to the Law on Share Construction will close access to the market for the most of construction companies. The chairman of Association of Constructors of Kazakhstan, Aydyn Rakhimbayev, said in the interview to journalists.

The new edition of the Law on Share Construction will close access to the market for most of the companies. These are the companies that do not have work experience and do not have good financial history. We consider that more than 50% of companies operating in the construction market will not correspond to the new law," Rakhimbayev said.

The Ministry of Industry and Commerce of Kazakhstan developed amendments to the legislation on equity participation in housing construction. The Minister of Industry and Commerce of Kazakhstan, Vladimir Schkolnik, said today at the government meeting.

"The amendments and additions to the law on equity participation in housing construction are being worked over within the framework of the working group of Majilis of Parliament to strengthen protection of share constructors that assume enlarging the number of degrees of protection of share constructors from 16 to 21. The Association of Financiers introduced additions to the bill.

We present the new bill for consideration introduced in Majilis of Parliament joining the law in force and the project," Schkolnik said.

This information may not be reproduced without reference to Kazakhstan Today