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Kazakh fund issues over 10,000 loans to local entrepreneurs

Kazakhstan Materials 12 October 2017 11:14 (UTC +04:00)

Baku, Azerbaijan, Oct. 12

By Nigar Guliyeva - Trend:

The Kazakh Fund for Financial Support for Agriculture issued more than 10,000 loans for a total of 39 billion tenge over 9 months of the current year.

The Fund implements microcredit of rural entrepreneurship from its own resources, as well as from funds raised under the Program for the Development of Productive Employment and Mass Entrepreneurship for 2017-2021.

"Fund for Financial Support of Agriculture" JSC Chairman of Boad. Omarov Zhandar said that overall it is planned to direct 41 billion tenge to rural micro-crediting by the end of the year, the KazAgro National Management Holding reported.

"The conditions are most beneficial for participants: the loan term is up to 6.5 years, the interest rate is no more than 6% per annum. There is a grace period up to one third of the credit period," he added.

In 2017, 16.5 billion tenge was allocated for micro-crediting of rural entrepreneurship through the Fund, out of which 15.7 billion tenge was granted to date. Roughly 24.5 billion tenge was allocated from the republican budget and the Fund's own funds.

This year the amount of financing of projects of rural residents and agricultural producers is expected to be 41 billion tenge, which is 6 billion more than in the previous year.

The official rate is 335.54 KZT = 1 USD on October 12.

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