The Fund for Financial Support of Agriculture and the Agrarian Credit Corporation merged

The Fund for Financial Support of Agriculture and the Agrarian Credit Corporation merged

Prime Minister of Kazakhstan Askar Mamin has chaired a meeting of the Board of Directors of Baiterek National Managing Holding, primeminister.kz reports.

Following the order of President Kassym-Zhomart Tokayev to reduce the number of the Holding’s subsidiaries, it was decided to merge the Fund for Financial Support of Agriculture (the FFSA) and the Agrarian Credit Corporation (the ACC). The ACC will take over the FFSA’s functions of issuing credits to microbusinesses, providing insurance services in crop production, and implementation of the Rural Mortgage under the "With a degree – to the village" project. The FFSA’s function of guaranteeing loans will be taken over by the Damu Fund.

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The reorganization will allow agricultural manufacturers to receive loans according to the one-stop-shop principle implemented by the ACC’s wide branch network. The current conditions for financing agribusinesses will be preserved. The meeting participants have also approved the Risk Report for the second quarter of 2021, amendments and additions to the Regulations on the Holding’s Management Board, Board of Directors, Corporate Secretary, and the Corporate Secretary Service.

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