08.04.2022

The ACC to finance spring field work with 140 billion tenge

The Agrarian Credit Corporation, being Baiterek Holding’s subsidiary, continues to finance agribusinesses for this year’s spring field and harvesting work under the Ken Dala Program. In addition to the previously planned 70 billion tenge, another 70 billion tenge will be allocated.

In his Address to the People of Kazakhstan, Kassym-Jomart Tokayev stated that ensuring the country's food security is of great importance in the current unstable international situation. The sowing campaign is starting, and crop growers are in need of credit money.

The Agrarian Credit Corporation usually finances spring field and harvesting work with 70 billion tenge by issuing short-term loans. This year, 3,111 applications for a total of 90.7 billion tenge have already been received. More than 2,000 borrowers have been financed with 64.1 billion tenge; more than 500 farmers are planned to be credited with the remaining money by April 15.

The Agrarian Credit Corporation will attract an additional 70 billion tenge taking into account the number of applications received from agricultural manufacturers, the current macroeconomic situation, and the increase in the cost of the sowing campaign. Corresponding changes to the republican budget for 2022-2024 have been initiated. The money is expected to be available in May 2022.

Before it receives budgetary money, the Agrarian Credit Corporation will issue loans to farmers at the expense of its own and borrowed funds.

Farmers can apply for loans in credit partnerships, second-tier banks, microfinance organizations, and the Corporation’s 17 branches located throughout the country.