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Kazakh Kazagro to finance sowing campaign

Business Materials 22 April 2014 11:24 (UTC +04:00)

Baku, Azerbaijan, April 22

By Elena Kosolapova - Trend:

Kazakh National Operating Holding Kazagro will provide 20 billion tenge (182.07 tenge = $1) for the spring sowing campaign, the holding reported on April 21.

The holding will issue loans to seven banks for the subsequent financing of agrarian and industrial complex.

The funding will be implemented within Agrobusiness-2020 program.
These funds will allow sowing an area of 6.1 million hectares, experts believe.
"Taking into consideration limited amount of budgetary funds, banks funding will be proportional to applications and budgetary credit sums," the holding said.

In total, Kazagro plans to direct 61.6 billion tenge to spring field works, including 40 billion tenge of budgetary credit.

Kazagro approved loan application from farms for the sum of 34.6 billion tenge as of April 21. The holding has already financed 12.6 billion tenge of these applications.
Kazakh National Management Holding Kazagro implements a state policy on development of agro-industrial complex.

The holding includes JSC Kazagrogarant, JSC Kazagromarketing, JSC Food Contract Corporation, JSC Kazagroproduct, JSC Kazagrofinance, JSC Agrarian Credit Corporation and JSC Fund of Financial Support of Agriculture.

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