Additional 400 billion tenge will be allocated for crediting for sowing season

Budgetary funds amounting to 140 billion tenge through the Agrarian Credit Corporation JSC and 40 billion tenge through the Prodkorporatsiya JSC have been allocated for preferential lending for sowing in 2024, World of NAN reports with reference to the Ministry of Agriculture.

Taking into account these funds, the Ministry of Agriculture estimates that the deficit in financing spring field work is about 1.3 trillion tenge. However, the government is working to increase access to funding for the sowing campaign.

According to the instructions of the head of state, up to 400 billion tenge will be raised additionally through the allocation of funds to subsidize the interest rate on loans for spring field work.

For these purposes, 60 billion tenge will be allocated from the reserve of the government, which will be used to reduce the cost of attracted loans, as well as for the purpose of guaranteeing loans to farmers.

This approach will make it possible to immediately issue credit funds to farmers at 5% per annum for sowing works, and in case of lack of sufficient collateral, to provide guarantees of up to 85% of the loan amount.

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