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KazAgroFinance JSC Announces Launching of Financial Recovery Program 12.05.2014

KazAgroFinance JSC Announces Launching of Financial Recovery Program                                                     12.05.2014 13.05.2014 For supporting the national agricultural producers, as well as within the accommodating measures undertaken by the National Holding “KazAgro” for mitigating the consequences of the quotation price adjustment of the national currency to the US dollar for the customers, the Board of KazAgroFinance JSC announces launching the cost loading decrease procedures for its borrowers having the indexed contracts. In particular, the exchange rate for USD under the concluded contracts will be fixed at KZT167.95 instead of KZT182 per USD1, which allows the borrowers to experience the influence of the February fall in the national currency rate to a lesser extent. Such measures will be applied to the contracts made in EUR as well. Moreover, KazAgroFinance JSC announces launching the document acceptance procedure from the borrowers for participating in the Financial Recovery Program for the agricultural sector entities. All the borrowers of KazAgroFinance JSC, which need the financial recovery of their agribusiness may take part in this Program. The terms of financial recovery include reduction of financing rates up to 7% p.a. in KZT, extension of financing periods for not more than 9 years, write-off of penalties (fines and penalty). KazAgroFinance JSC is a company established by the Decree of the Government of the Republic of Kazakhstan in 1999. The key objective is to support the development of the republic’s agricultural sector by providing the agricultural producers with the access to the funds, as well as agricultural machinery and technological equipment on lease basis. It is a part of National Managing Holding “KazAgro” JSC.

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