Borrower Loyalty Policy in Tenge Devaluation
15.04.2014 National Managing Holding “KazAgro”, in the exchange rate adjustment of the national currency to the US dollar, will make all the possible steps to mitigate the consequences of this event for its customers. First step: The bulk of loans extended by the Group of Holding “KazAgro” to the agricultural sector entities will not be indexed. The lending terms for the essential part of the borrowers remain unchanged; the repayment is made in accordance with the previously approved schedules without increasing liabilities. Second step: From the total loan portfolio of KazAgro, being KZT343.3 mlrd., only KZT26.7 mlrd. or 8% of loans are pegged to the foreign currency, since the sources of financing are borrowings at the external markets or tied credit lines from the foreign financial institutes. For the borrowers obtained financing from the foreign currency sources, the Holding has elaborated the following set of accommodating measures: - Under the Program “Satti” being implemented by the Fund for Financial Support of Agriculture for the account of the foreign currency funds attracted from the Islamic Development Bank, the terms of micro lending remain unchanged, the Company undertake all the currency risks. To date under the Program “Satti” 492 projects to the amount of KZT1 417.2 mln. have been financed. Under the lending by the Agrarian Credit Corporation for the account of loan attracted from Dresdner Bank for the borrowers performing its obligations, the Company is open to consider the fixation of indebtedness in KZT at the official exchange rate of the National Bank of the Republic of Kazakhstan as of February 11, 2014, i.e. KZT155.56 to US dollar; - For the KazAgroFinance borrowers obtained the funds under the leasing and lending programs pegged to the foreign currency, it is supposed to include them as a matter of priority into the financial recovery program within the Program “Agribusiness -2020”.
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