The rate for agrarians won’t change

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"KazAgro" won’t change the rules for financing of agribusiness entities

Today was announced information about rates of financing of agricultural producers in Kazakhstan. This was stated at the briefing at the Service of Central Communications by the Chairman of the Board of JSC "NMH" KazAgro" Nurlybek Malelov. He noted that the placement rate of "KazAgro" depends, as with any credit institution, on the funding rate. "That is, that rate, which will ensure tenge liquidity. Accordingly, we do not rule out in the future, the interest rate may be different for the final borrower. But since last year, funding was obtained from the Unified savings fund, this will allow us to keep the interest rate this year at the same level - 14% per annum, of which 7% is subsidized by the state", - said Malelov.

He further added that the subsidiaries of "KazAgro" - Agrarian Credit Corporation and the Food Contract Corporation, in turn, will be able to finance the borrowers -agrarians "both directly and through an extensive regional network of rural credit unions and microfinance institutions".

"This allows you to keep the same conditions for state funding of agrarians as in previous years, despite the difficult market situation in the country", - said N. Malelov.

"Thus, the holding company's subsidiaries provide financing to agricultural producers directly at a rate of 5%. Credit unions and microfinance institutions lend to their members at a rate of not more than 9% per annum. It should be noted that in credit unions the final interest rate is set by the participants through their joint decision ", - said the head of "KazAgro".

According to N. Malelov, after the distribution of funds between subsidiaries, the rest of the money will be used for financing of agribusiness participants – clients of STB on terms similar to last year".

"The interest rate for the final borrower will be no more than 7.41% per annum", - assured Nurlybek Malelov.