KazAgroFinance JSC has attracted 1.5 billion rubles from the Eurasian Development Bank to finance supplies of agricultural equipment to Kazakh farmers

KazAgroFinance JSC has attracted 1.5 billion rubles from the Eurasian Development Bank to finance supplies of agricultural equipment to Kazakh farmers. 

Eurasian Development Bank (EDB) opened a RUB 1.5 billion line of credit for KazAgroFinance JSC. The respective agreement was signed on 29 June 2016 by Ainur Seitkassimova, First Deputy Chairman of the Board at KazAgroFinance JSC, and Dmitry Ladikov-Royev, Managing Director for Assets and Liabilities. 

The funds are intended for financing supplies of agricultural machinery and equipment to the Republic of Kazakhstan, primarily from EDB member states. In accordance with the terms of the agreement, at least 80% of the facility will be used to purchase machinery and equipment from EDB member states, the majority of which will be used to finance supplies from the Russian Federation. Under the agreement terms, the funds may be extended in KZT and RUB, as direct finance from EDB. 

The project conforms to EDB's mission and strategy. It will promote sustainable economic growth in the Republic of Kazakhstan, an upgrade of its fleet of agricultural equipment and the development of its agro-industrial complex, and will enhance trade between EDB member states. For information, KazAgroFinance JSC is a company established in 1999 by the Decree of the Government of the Republic of Kazakhstan. The main goal of KazAgroFinance JSC is to support the development of the agricultural sector of RK by providing agricultural producers with access to financial resources, as well as to agricultural machinery and technological equipment on a lease basis. 

The official website of the Company - www.kaf.kz Eurasian Development Bank (EDB) is an international financial institution founded by Russia and Kazakhstan in January 2006 with the mission to facilitate the development of market economies, sustainable economic growth, and the expansion of mutual trade and other economic ties in its member states. EDB’s charter capital exceeds the amount of USD $1,5 billion. The member states of the Bank are the Republic of Armenia, the Republic of Belarus, the Republic of Kazakhstan, the Kyrgyz Republic, the Russian Federation, and the Republic of Tajikistan. Read more at http://www.eabr.org