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Kazakhstan allocates funds for rural microloans

Kazakhstan Materials 18 January 2023 13:34 (UTC +04:00)
Kazakhstan allocates funds for rural microloans
Emin Sevdimaliyev
Emin Sevdimaliyev
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BAKU, Azerbaijan, January 18. Kazakhstan will allocate 52.4 billion Kazakh tenge ($112.5 million) to implement the project aimed to provide preferential loans to rural residents, Trend reports, citing Kazakh media.

The Kazakh government estimates that the allocated sum will be sufficient to provide around 11,000 microloans.

Deputy Prime Minister of Kazakhstan Altai Kulginov, considers the program to be a very appealing opportunity for the rural population.

“This is a unique opportunity to give microcredits at affordable prices secured by rural houses that are not accepted as collateral by banks”, Kulginov noted.

The loans are issued with a 2.5-percent interest rate for a duration of 5 years. An exception is made for livestock farmers, who are eligible for a loan with a tenor of 7 years.

In the framework of the project, the funds are available to start-ups and existing entrepreneurs; laid-off workers who have not reached retirement age; persons independently carrying out activities for the production or sale of goods.

Kazakhstan is actively improving the living standard in rural areas. Yesterday, PM Alikhan Smailov, revealed that Kazakhstan will carry out 1,500 projects worth 143 billion Kazakh tenge ($308.2 million) in 2023 with a goal to secure the development of non-urban areas in the country.

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