22 Jan 2024 16:27

Kazakhstan launches low-interest financing for 2024 sowing season

ASTANA. Jan 22 (Interfax) - Kazakhstan's Ministry of Agriculture has started a program offering preferential loans to support spring crop sowing.

The first 15 billion tenge budget loan has been assigned to JSC Agrarian Credit Corporation. The budget allocates a total of 140 billion tenge to support spring field and harvesting activities in 2024, aiming for a sowing area of at least 2 million hectares.

Farmers can access loans with a favorable interest rate of up to 5% per annum in tenge. Repayment is scheduled until March 1, 2025, with 50% of the principal amount and interest due by December 1, 2024, and the remaining 50% by March 1, 2025. This helps farmers sell crops before March 1, ensuring favorable conditions and personalized repayment schedules for maximum benefits.

So far, 458 applications totaling 20.3 billion tenge have been received, with over 200 applications, amounting to 9.4 billion tenge, approved. Efforts continue to address the impact of adverse weather conditions from the previous agricultural season. As of January 19, 1,145 farmers have submitted extension requests, totaling 51.2 billion tenge. Out of these, 1,061 applications for 46.1 billion tenge have been approved for extension, while 84 applications for 5.1 billion tenge are under consideration.