Baku, Azerbaijan, August 9
By Nargiz Sadikhova - Trend:
A complex of measures to increase the efficiency of KazAgro National management holding JSC has been approved in Kazakhstan and a number of specific instructions to its leadership were given, Trend reports with reference to the press office of the Ministry of Agriculture of Kazakhstan.
The financial condition of the holding has worsened during 2013-2017. The accumulated loss of the holding amounted to 399,1 billion tenge as at the beginning of 2019.
In accordance to this, a complex of measures has been developed, which includes transformation of KazAgro into a compact holding. Thus, there are plans to decrease a number of subsidiary companies, clearly differentiate them by functions and eliminate the possibility of them performing similar tasks.
Furthermore, the holding also plans to attract foreign experts into the leadership, continue work on optimization of employees and decrease of operational expenditures, provide for effective and targeted use of budget assets, which are directed on the agriculture funding.
Furthermore, the holding also plans to develop efficient credit products for agriculture manufacturers and to automatize lending process and to decrease the lending application review time as much as possible.
The leadership of KazAgro has also informed on the development of 10-year strategic plan of the holding, which will be aiming at increase of labor efficiency and of agricultural complex goods export, attraction of private investments and innovative technologies, as well as at development of new business initiatives in rural areas.
The list of measures for improvement of loans portfolio and rehabilitation of idle projects has also been approved. As a result of the mentioned above reforms the holding will be transformed into a compact and effective financial institute in a short time period.
KazAgro plans to increase the performance of its activity and achieve net project following the end of 2020, the report said.
(1 USD = 387.73 KZT on August 9)
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