BAKU, Azerbaijan, December 6. The development of agriculture in Kazakhstan is one of the strategic objectives of Baiterek Holding (integrated development institution; engaged in promoting sustainable economic development of Kazakhstan), a source in the holding told Trend.
As the source noted, the agricultural sector of Kazakhstan has great potential. Over the past 10 years, the average annual growth rate in the industry has been at the level of 3.8 percent.
"As part of the holding group, Agrarian Credit Corporation provides targeted support to producers of agricultural goods in the holding group. ACC issues loans for investment purposes and for replenishing working capital, finances sowing and harvesting campaigns, and issues microloans. Another company in the holding group, KazAgroFinance, provides leasing services for agricultural machinery," the source said.
According to the source, this year Baiterek Holding maintains positive growth rates in financing.
"Thus, over the past 3 quarters of 2023, financing for the agricultural sector was provided in the amount of 447 billion tenge (about $967 million), which is 14 percent more than the same period last year," the source said.
The source noted that to increase the accessibility of financial services, work is being actively carried out on the digitalization of business processes. In addition, work is underway to expand the possibility of providing loans and leasing online. And this, in turn, is especially important, given the large territory of Kazakhstan and the remoteness of many rural settlements from large cities.
In addition, the source added that, a systematic work is underway to attract funds from various funding sources to meet the increasing demand of farmers for loans and leasing.
Kazakhstan's Baiterek holding has financed investment projects worth 511 billion tenge (about $1.08 billion) from January through September 2023.
Also, 18,100 small and medium-sized business projects were supported for a total loan amount of about 1 trillion tenge (about $2.12 billion).
In addition, based on the results of nine months of this year, 811,200 square meters of housing were commissioned, and about 47,000 families received new housing.