05/02/2024
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Baiterek Holding has unveiled a new preferential financing program totaling 300 billion tenge, aimed at bolstering spring field and harvesting operations to support farmers.
Notably, for the first time, the Damu Entrepreneurship Development Fund will extend guarantees covering 85% of the loan amount for farmers with limited collateral. This move is poised to fortify food security and stabilize prices in the domestic market, as the overall financing for spring field and harvesting operations by Baiterek Holding this year is set to soar to 440 billion tenge. To achieve this, the holding is actively mobilizing funds from the market and second-tier banks, leveraging market resources to bolster the agro-industrial complex.
The program entails financing spring field and harvesting operations through the Agrarian Credit Corporation at a nominal interest rate of 5% per annum for a duration of up to one year. This initiative aims to offer support to farmers grappling with financial hardships stemming from last year's floods and drought.
"The holding is actively backing the agro-industrial complex and intends to augment its funding for the sector. In alignment with the President's directives to achieve a 6% economic growth rate and elevate financing for agriculture, 140 billion tenge was allocated in 2024 for preferential financing of spring field and harvesting operations for agricultural entities. Regrettably, this money proved insufficient to fulfill the farmers' needs. Consequently, we decided to mobilize additional market borrowings," – stated Rustam Karagoishin, Chairman of the Board of Baiterek Holding.
Implementation of the program will be overseen by the holding's subsidiaries, ensuring the efficient allocation of resources to pivotal sectors within the agro-industrial domain. The program is set to start on April 29, 2024.
For guidance and loan application submissions, farmers are encouraged to reach out to the nearest regional branches of the Agrarian Credit Corporation. Further assistance is available through the hotline number: 8 701 006 19 91 or the Call center: 5353.
