Loans at 5% will be issued for spring field works

Loans at 5% will be issued for spring field works

Agrarian Credit Corporation will allocate 140 billion tenge for spring field works in 2023 under the program "Ken Dala", World of NAN reports referring to the corporation. 

The first tranche from the national budget, 70 billion tenge, has already been received by the Corporation.

Lending is provided through the funding of credit partnerships, second-tier banks and microfinance organizations. Domestic agrarians will be able to obtain soft loans for sowing and harvesting in the above-mentioned organizations operating in the regions.

The term of the loan under the program "Ken Dala" is up to March 1 of the next year. Lending to financial institutions is carried out at a rate of 1.5% per annum, while the effective interest rate - from 1.5% per annum. Households, in turn, will be able to take out loans from financial institutions at a rate of up to 5% per annum.

Note that the terms of the program kept the innovations made last year: as such, if previously the loan terms were limited to a year of funding, now there is an extended period of lending until the beginning of spring of the next year.

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