According to him, until 2020, GIK operated like a regular bank, providing housing at an interest rate of 14% per annum.
“I asked questions to people who received apartments through GIK at that time. It turned out that their salaries were 16,000 soms, while the monthly loan payments reached 24,000. Currently, salaries have increased to 70,000-80,000 soms, and the work of GIK has undergone significant changes,” the president noted.
He also added that this year about 20,000 families will receive keys to their new homes, and construction work is actively ongoing in the regions. Regarding the possibility of GIK providing housing at cost price, Sadyr Japarov emphasized that this is impossible.
“This company needs to exist for a long time. If housing is provided only at cost price, it will require annual budget allocations, which could ultimately lead to the bankruptcy of GIK,” he explained.
The president reported that the authorized capital of GIK is about $2 billion, which is significantly more compared to last year's figures of over $1 billion. He added that the $400 million that the National Bank transferred to the budget as net profit is also directed towards the construction of new GIK facilities.
“Currently, we offer housing at an interest rate of 4% for 25 years. People are satisfied, as the prices for apartments from GIK are much lower than those of private construction companies, which offer housing for almost $2-3 thousand per square meter. While apartments from GIK are built at $750 per square meter in the regions and $700 in the Chui region. This price includes fully finished housing. GIK adds $200-300 to this cost and sells,” added Sadyr Japarov.
At the same time, he noted that the name of the president's chief of staff, Kanibek Tumanbaev, is often mentioned in the Jogorku Kenesh and among citizens.
“People claim that he is only engaged in housing construction and lives extravagantly. If you have a construction company and are ready to build at such a price, come to me, I will provide a plot for construction. I have gathered private construction firms several times to discuss this issue, but they all laughed, claiming that building ‘turnkey’ can only be done for $900-1000 per square meter. Therefore, we had to take this matter into our own hands,” the president explained.
Additionally, he reported that the former mayor of Osh, Jenishbek Toktorbaev, offered his services for construction in the south. “He was engaged in construction even before the creation of GIK, building houses for $750 per square meter. If you want to build, come,” added Sadyr Japarov.
The president also expressed the opinion that GIK should not engage in construction projects on its own.
“If they start building, it could lead to problems such as theft and price increases. Therefore, it was decided that GIK would only handle calculations,” he noted.
Sadyr Japarov emphasized that as soon as construction is completed in Bishkek and the Chui region, GIK's housing construction will cover all district centers in the country. In the future, the company will begin to deal with the renovation and construction of private houses throughout the republic.
