Kazakh farmers to receive $170 million in loans

Photo: Kazakh farmers to receive $170 million in loans / Kazakhstan

Baku, Azerbaijan, August 21

By Elena Kosolapova - Trend:
Kazakh Fund for Financial Support of Agriculture plans to issue loans in the amount of 31 billion tenge ($170.292 million) to Kazakh farmers in 2014, the fund reported on August 21.

"Given all the new credit programs, the fund plans to direct 31 billion tenge (182 tenge =$1) to the development of farmers and rural business in 2014," Chairman of the Fund Narmuhan Sarybaev said at a briefing in the Central Communications Service under Kazakh President.
The fund launches four new credit products in 2014. In particular loans for the creation of dairy farms and milk collection points networks will be provided in order to develop the dairy industry in the country. Moreover programs on financing the acquisition of the drip irrigation systems for vegetable production and development of family apple orchards will be launched.

Kazakh Government also plans to compensate investment costs of farmers.

"The agro-industrial complex never before received such government support," the Fund said.

Kazakh Fund for Financial Support of Agriculture has issued 85,775 loans worth 78.6 billion tenge since 2005, including 5,724 loans worth 16.4 billion tenge issued this year.

More than 85,000 people were employed thanks to the provided credits, including 8,500 people in 2014. The Fund's loan portfolio fund hits 49 billion tenge, and it has 22,200 customers.

Edited by C.N.

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