More projects approved within Kazakhstan's 'Economy of Simple Things'

Business Materials 7 January 2020 12:30 (UTC +04:00)
More projects approved within Kazakhstan's 'Economy of Simple Things'

BAKU, Azerbaijan, Jan.7

By Nargiz Sadikhova - Trend:

Following the end of 2019 some 47 projects worth 6.6 billion tenge ($1.7 million) were approved within the framework of ‘Economy of Simple Things’ state program, Deputy Director of Chamber of Entrepreneurs of Kyzylorda region’s Kozhakhmet Ilyasov said, Trend reports with reference to the press office of Kazakhstan’s Atameken National Chamber of Entrepreneurs.

According to Ilyasov, currently some 105 projects worth 11.2 billion tenge ($29.3 million) are being considered by the regional office.

All 47 approved projects are currently at the stage of implementation. Another 18 projects are being assessed by financial institutions. The rest of the projects are at the stage of collecting necessary documents.

Ilyasov reminded that a program of soft loans for priority projects within the program was launched in 2019. For quick identification and removal of barriers within the program implementation Project Offices were established.

These offices provided for introduction of amendments to the program and as a result the lending conditions were completely revised.

“As a result, interest rates were decreased from annual 8 percent to annual 6 percent, whereas the grace period now is up to 28 months,” Ilyasov said.

The instrument for guarantee of up to 50 percent of the loan sum was also introduced, the possibility to replenish the working capital with up to 50 percent of the loan amount.

Kazagro Corporation was established in order to fund projects of agricultural manufacturing. As of now, the corporation has approved 27 projects.


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