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KazAgroFinance launched financing of the reclamation machinery

KazAgroFinance launched financing of the reclamation machinery 24.01.2012 Having approved the new trend of financing, KazAgroFinance meets the halfway of the farmers’ desires fr om the particular region. Now the rice growers of Kyzylordinskaya oblast can purchase the double-purpose machinery for the reclamation works by means of the financial leasing through KazAgroFinance. It is commonly known that the rice growing has the certain features, which appear that the development of the whole sector depends a lot on the state of the capital intensive irrigation systems in the rice-growing farms such as the collector and drainage networks, hydro and engineering structures, irrigation channels and etc. As the Kyzylorda rice growers note, the issue of arrangement of this entire infrastructure depends a lot on the provision of the farms with the mechanization facilities. At that, this refers not to the rice harvesters and other agricultural machinery, which purchasing does not create the especial problems towards the farmers – the respective programs of KazAgroFinance allow purchasing not only the machinery, but also the various rice-cleaning and processing lines. The problem was in the renewal of the reclamation machinery park – soil shifters, diggers, pipe-laying machines, i.e. the machinery, which is not directly related to the agricultural category, but one cannot do without it in order to maintain the operation condition of the rice bays. It stands to be mentioned that KazAgroFinance attempted to provide support to the rice growers of the oblast on this trend, however, the assistance was provided on the leftover principle and with very lim itation, since there was no any approved program for financing of this trend. Since the beginning of 2012 KazAgroFinance has approved the trend providing for the financial leasing of the reclamation machinery. According to the new trend the Kazakhstan rice growers got the opportunity to purchase the soil shifters, diggers, channel diggers (channel cleaning machinery), bucket land levelers, turn land levelers, levelers, pipe-laying machines, excavator-loaders, sprinkling and irrigation machines, mounted irrigation guns, two-console and other sprinkling machines, mobile irrigators, water sprinklers on the motor chassis, fixed water sprinklers, irrigation systems, drip and impulse irrigation systems, drain-installing machines, laser land levelers, scrapers and other reclamation machinery designed for the agricultural works. KazAgroFinance will finance the trend for the account of own and borrowed funds. The terms of financing for the account of own funds are as follows: interest rate - 8 % p.a. (effective interest rate – from 8.2 %) for the period of up to 5 years. The terms of financing for the account of borrowed funds are as follows: interest rate – 11 % p.a. (effective one – from 11.5 %) with indexation to the currency of the borrowed funds and 13 % - without indexation to the currency of the borrowed funds (effective interest rate – 13.6 %) for the period of up to 5 years. The down payment is 25 % of the value of the subject of leasing. According to the data by KazAgroFinance in 2011 77.3 thousand hectares of rice were sown in Kyzylordinskaya oblast – main rice-growing region of Kazakhstan. The gross harvest totaled 365 thousand tons. In 2012 it is planned to sow about 70 thousand hectares. There are about 450 rice-growing farms in the oblast. During 2000-2011 the Company “KazAgroFinance” had invested about KZT9.3 milliard in Kyzylordinskaya oblast. Purchasing of 978 units of machinery to the total amount of KZT5.3 million by the business entities was financed. “KazAgroFinance” JSC is the company established by the Decree of the Government of the Republic of Kazakhstan in 1999. The key goal is the support of the agricultural sector of the republic by providing the access of the agricultural manufacturers to the financial funds, as well as to the agricultural machinery and technological equipment on the lease basis. It is the part of the National Managing Holding “KazAgro”.

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