BAKU, Azerbaijan, January 26. Kazakhstan allocated 140 billion Kazakh tenge (nearly $305 million) from the budget to finance spring fieldwork in 2023, Trend reports, citing the press service of the Ministry of Agriculture of Kazakhstan.
Lending will be carried out by JSC "Agrarian Credit Corporation". The first tranche of 70 billion Kazakh tenge ($152.5 million) has already been transferred, the second tranche will be transferred in February.
Financing is carried out through direct lending to agribusiness entities, as well as through funding of credit partnerships, banks, and microfinance organizations.
The interest rate for direct lending under bank guarantees will
not exceed 1.5 percent per annum.
Meanwhile, the interest rate is set at 5 percent when financed by
credit partnerships, microfinance organizations, and banks.
At least 2 million hectares of sown areas are expected to be
covered by state financing.
Previously, under the terms of the program, the loan period was
extended until the beginning of the next spring.
