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Kazakh farmers to receive financing for spring field work

Kazakhstan Materials 3 February 2023 12:13 (UTC +04:00)
Kazakh farmers to receive financing for spring field work
Emin Sevdimaliyev
Emin Sevdimaliyev
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BAKU, Azerbaijan, February 3. Kazakh farmers applied to receive loans totaling at 48 billion Kazakh tenge ($103.63 million), Trend reports, citing the press service of Baiterek national holding.

The holding, which is a major financial institution of the country that plays an instrumental role in the implementation of the national programs, revealed the applications have been submitted in the framework of the program that aims to provide loans for farmers to finance spring field and harvesting work.

The government allocated a total of 140 billion Kazakh tenge ($302.27 million) for the project.

The total number of applications exceeded 1,200 during the first nine days since the launch of the subsidy program. The national holding revealed that 668 applicants are currently collecting the necessary paperwork.

The interest rate for the loans is set at 5 percent.

The matter of developing the agriculture sector became one of the key priorities for the Kazakh government. By assisting the development of the sector, Kazakhstan looks to guarantee the food security of the country, in addition to curbing the negative impact of inflation on food prices.

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