Fund for Financial Support of Agriculture allocates KZT 600 mln for spring sowing

ASTANA. February 20. KAZINFORM JSC "Fund for Financial Support of Agriculture", the subsidiary of the National Holding "KazAgro", is planning to allocate KZT 600 million for spring sowing, according to the press service of the National Holding.

"As part of the large-scale support of businesses in the agriculture crop industry since 2010 JSC" Fund for Financial Support of Agriculture" has been implementing the program" Egіnzhay "aimed at providing loans to the farmers for spring sowing and harvesting," the statement reads.

Second-tier banks avoid lending to small rural entrepreneurs due to high transaction costs associated with the small sizes of the loans and high risks in agricultural production. Lending under the program "Egіnzhay" offers better conditions to rural businessmen, said the fund management.

On the whole, according to the financial institution, for three years the Fund funded 774 projects totaling KZT 1732.6 million. That money allowed to sow 419.6 thousand hectares of land, and to provide employment to 1,227 people. The most active consumers of loan products are residents of Akmola, Kostanay, North Kazakhstan regions.

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