KazAgro Will Allocate KZT61.6 Mlrd. For Spring Field Campaign
15.04.2014 National Managing Holding “KazAgro” intends to allocate KZT61.6 mlrd. for the spring field campaign for the account of all sources, where KZT40 mlrd. is the budget loan. This year, the funds for the sowing campaign will be extended by the Holding subsidiaries under the credit products similar to those of the last year. Moreover, for the first time KazAgro starts financing of the spring field campaign through the second-tier banks for the account of the budget loan. The new source of lending resources has been launched in accordance with the Program “Agribusiness 2020” for expanding the availability of financing for the rural people. In general, the funds allocated by the National Holding for the sowing campaign will allow performing the necessary agrotechnical measures in the area of 6.1 mln. ha. Today, the subsidiaries of the National Holding “KazAgro” are busy with financing of the sowing campaign in the south of the republic and in the main grain regions in the north of the country. For example, Agrarian Credit Corporation obtained over 300 applications for KZT6.5 mlrd., where the lending of KZT1.7 mlrd. has been extended under 75 applications of them yet. Totally, it is expected to allocate KZT13 mlrd. for the agricultural sector of the republic within the Corporation’s programs this year. For information: Agrarian Credit Corporation extends the loans for the spring filed and harvesting campaigns at 5% p.a. with the maturity of 01.12.2014 against the second-tier bank guarantees, as well as through the loan society system at the interest rate of up to 9% p.a. on the security of movable/immovable assets. Food Contract Corporation provides financing for the grain producers for the spring field campaign to the total amount of KZT17.6 mlrd., including KZT3.6 mlrd. for the state resource purchase in the spring-summer time. It is supposed to allocate KZT14 mlrd. of the budget loan funds for the forward purchase based on KZT6 thous. per 1 ha of sown area, and provided that the fee of 5% of financing amount is paid in the end of financing period. According to the decision by the Food Corporation, the financing will be provided in accordance with the limits approved for the oblasts. The purchase is made against the second-tier bank or social and business corporation guarantees. For information: The forward purchase limits are: Akmolinskaya oblast – KZT4.28 mlrd.; Aktyubinskaya – KZT490 mln.; East-Kazakhstan oblast - KZT490 mln.; Karagandinskaya – KZT670 mln.; Kostanaiskaya – KZT4.24 mlrd.; Pavlodarskaya – KZT500 mln.; North-Kazakhstan oblast – KZT3.33 mlrd. Fund for Financial Support of Agriculture provides financing for the agrarians under the Program “Yeginzhai” for its own account. Moreover, the Company extends financing within the Microcredit Organization Lending Program (MCO) for further lending of cotton farmers for the account of budget loan funds of KZT2.1 mlrd. According to the data as of April 1, the Fund has extended KZT446.4 mln. under 114 applications from its own funds. To date there are approved another 173 applications to the amount of KZT655.6 mln., and 62 applications are being considered. For information: Terms under the Program “Yeginzhai” are: the maximum loan amount is KZT6 mln., interest rate is 9.5% p.a., lending period for the feed crops is not more than 36 months, and for the other crops is not more than 18 months. Terms under the Microcredit Organization Lending Program are: the maximum loan amount for MCO is KZT1 mlrd., for the final borrower is 8000 minimum calculation index. The annual interest rate is 4%, the effective rate is 4.4% p.a. for MCO, and 8% for the final borrower. In 2014, KazAgroFinance will allocate KZT6.9 mlrd. for purchasing of the machinery by the rural people. As of today, the Company has obtained the applications to the amount of over KZT12.7 mlrd. In total, within the spring field campaign of 2014 and considering the existing demand, KazAgroFinance supposes to purchase over 1000 units of various agricultural machinery and mounted tillage equipment. Moreover, the KazAgro subsidiary provides financing for feed production within the Investment Program. It has already been invested KZT754.7 mln. in the agricultural sector of Kazakhstan under this trend. National Managing Holding “KazAgro” JSC implements the government policy for development of the Kazakhstani agricultural sector by ensuring the efficient management of the investment assets of the companies of its group. The Holding Group consists of National Company “Food Contract Corporation JSC, KazAgroProduct JSC, KazAgroFinance JSC, Agrarian Credit Corporation JSC, Fund for Financial Support of Agriculture JSC, KazAgroGarant JSC and KazAgroMarketing JSC.
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