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KazAgroFinance Provides Financing for the Sowing Campaign in Kazakhstan

KazAgroFinance Provides Financing for the Sowing Campaign in Kazakhstan  13.06.2014 To date, the national famers have purchased 1061 units of machinery to the amount of KZT10.3 mlrd. under the line of KazAgroFinance JSC for the spring sowing campaign. In total, the Company received the applications for 1342 units to the amount of KZT12.6 mlrd. The farmers throughout Kazakhstan are almost done with their spring sowing campaign. KazAgroFinance JSC is also summing up the interim results of financing for the spring sowing campaign. This year the farmers have applied for purchasing of 1342 units of agricultural machinery to the amount of KZT12.6 mlrd. Among them are the concluded contracts for 1061 units to the amount of KZT10.3 mln., the approved applications for 108 units to the amount of KZT618 mln., and 173 units to the amount of KZT1.6 mlrd. are being considered and the documents are collected. The experts from KazAgroFinance JSC anticipate that this year the amount of financing for purchasing of agricultural machinery for the spring sowing campaign will exceed the previous year figures by KZT300 mln. The large sum of financing fell to the share of the farmers from East-Kazakhstan oblast – KZT1.8 mlrd., the second place is occupied by North-Kazakhstan oblast - KZT1.7 mlrd. and the third one is given to Kostanai region, where the farmers purchased the machinery for KZT1.3 mlrd. The machinery was transferred to the farmers on lease basis at the rate of 12.8% p.a. However, the state subsidies will cover 7%, and finally, the cost of leasing will be only 5.8% p.a. for the farmer. To purchase the machinery it is enough to have only an advance payment of 15% of its cost. No collateral is required – the collateral is the machinery itself. The tractors, as well as attached implements were in special demand. It stands to mention the volume of the Kazakhstani content. This year there have been purchased 498 1221 Belarus tractors, as well as МТZ 80 and 82 manufactured at Semipalatinsk Car Assembly Factory “SemAZ” and 9 sprayers manufactured by AVAGRO LLP from Petropavlovsk. Let us recall, this year the National Holding “KazAgro” Group intends to allocate totally KZT61.6 mlrd., where KZT40 mlrd. - the budgetary credit, for the spring sowing campaign for the account of all sources. This year the Holding subsidiaries allocate the funds for the spring sowing campaign under the credit products similar to the ones of the last year. Moreover, KazAgro, for the first time provides financing for the spring sowing campaign for the account of the budgetary credit through the second-tier banks. The new source of lending has been launched in accordance with the Program “Agribusiness-2020” for extending the affordability of financing for the countrymen. In general, the funds allocated by the National Holding for the spring sowing campaign will allow carrying out the necessary agricultural measures in the area of 6.1 mln. ha. KazAgroFinance JSC is a company incorporated by the Regulation of the Government of the Republic of Kazakhstan in 1999. The key objective is to support the agricultural sector development by providing the agricultural producers with the access to the funds, as well as agricultural machinery and technological equipment on lease basis.

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