Various investment projects to be implemented in Kazakhstan's agriculture sector

Various investment projects to be implemented in Kazakhstan's agriculture sector

BAKU, Azerbaijan, Feb.21

By Nargiz Sadikhova - Trend:

Some 559 billion tenge of investments ($1.4 billion) are expected to be attracted in Kazakhstan this year to implement 94 investment projects, Kazakhstan’s Vice Minister of Agriculture Rustem Kurmanov said, Trend reports with reference to the ministry.

That is, including 16 projects worth $837 million with foreign participation, which are currently being developed or implemented.

“Construction of the meat processing plant with participation of the US Tyson Foods Inc. Company and construction of the plant for construction of the modern irrigation systems with participation of US Valmont Industries company,” Kurmanov said.

Kurmanov reminded that in order to increase the funding availability for agricultural subjects, implementation of the investments subsidizing program was continued in 2019.

“Within the framework of the program some 66.5 billion tenge ($176.8 million) were allocated in the beginning of 2019 and later on additional 41.1 billion tenge ($109.2 million) were also allocated,” the vice minister said.

Thus, total value of investment subsidies allocated in 2019 was 107.6 billion tenge ($286 million) having increased by 2.2 times compared to 2018.

“This provided for increase of investments into the fixed capital of the country’s agriculture, which amounted to 501.6 billion tenge ($1.3 billion), which is 27 percent more than in 2018,” he said.

Some 21 billion tenge ($55.8 million) were allocated for remuneration rates subsidizing in 2019, which allowed to subsidize over 9,000 loan agreements and to attract 372 billion tenge ($988.9 million) of lend funds into the sector.

Some 44.7 billion tenge ($118.8 million) were allocated for the Enbek program implementation (productive employment and business development program) in the beginning of 2019, and additional 20 billion tenge ($53.1 million) were allocated in July 2019. Thus, total value of lending amounted to 64.7 billion tenge ($172 million).

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