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New state program on AIC development to increase rural access to financial resources

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by November 29, 2016 Business

Within the state program on AIC development in 2017-2021, the Government will enhance credit support for domestic agricultural producers.

According to the Deputy Prime Minister Minister of Agriculture Askar Myrzakhmetov, the lending approaches of KazAgro will be reviewed. Thus, the credit resources are planned to be extended for all categories of farmers. The credit products will be primarily targeted at agricultural cooperatives, small and medium-sized agribusiness.

In addition, a new interest rate will be set on the loans provided through the KazAgro financial organizations.

Moreover, the state program provides for the improvement of livestock subsidy programs, as well as improving the efficiency of crop subsidies. In particular, it provides a transition from hectare subsidy to subsidizing the final products and lending for spring field work on priority crops.

According to the instructions of the Head of State, the priority for the nearest future is the accelerated agricultural development, in connection with which the Government has elaborated the state program on AIC development in 2017-2021. In the next five years, the production and processing of agricultural products should be the main source of diversification and a driver of economic growth.

Source: Government of the Republic of Kazakhstan

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