BAKU, Azerbaijan, December 13. From 2023, as part of the scaling up of the project to increase the income of the rural population, citizens of Kazakhstan will have the opportunity to receive microloans on favorable terms, Trend reports, citing Kazakh President’s Central Communication Service.
The nominal interest rate is 2.5 percent per annum for a period up to 7 years with collateral. Maximum amount of loan is set at 7.9 million Kazakh tenge (around $16,750), and 25.4 million Kazakh tenge (nearly $54,000) for the development of cooperation among small and medium agricultural enterprises.
The government estimates suggest that the first microloan will be allocated at the end of the first quarter of 2023.
In 2023, 52.4 billion Kazakh tenge ($111.2 million) is estimated to be allocated for implementation of the project from the budget with a plan to issue more than 11,000 microloans.