The IBD has provided $10 million to the subsidiary company of "KazAgro" holding for microfinancing of rural population

/IRBIS, June 8, 2011/ - Islamic Development Bank (IDB) has provided $ 10 million to subsidiary of JSC National Holding KazAgro on microfinance of rural population, was reported by today's press office of holding. "In the 7 th World Islamic Economic Forum, held in Astana on June 7- 9, 2011 between a subsidiary of the Holding KazAgro - of Fund financial support for agriculture and the Islamic Development Bank was signed the Treaty on the provision of loans and technical assistance" - was indicated in the message. As noted, a loan from the IDB held for up to 10 years in the amount of 6,4 million Islamic dinars, equivalent to U.S. $ 10 million for the implementation of the Programme of Rural Microfinance in Kazakhstan. In Kazakhstan, the first involved a loan on such favorable terms, commissions will not exceed 2% per annum. The loan will be sent to the Fund for the development of farming in order to reduce unemployment and poverty in rural areas. The projects funded small-scale farmers will be required to comply with Sharia (forbidden to finance projects for the production and sale of alcohol, tobacco, weapons and any other harmful to the environment), and a prior focus on livestock development. As indicated, therefore, this loan is a socially significant project that will enhance rural livelihoods through enterprise development, primarily farmers, and thus to increase the availability of financial resources, including through the Islamic loan products to rural populations. In November 2010 a subsidiary stock company Holding KazAgroFinance was brought to market conditions, loan from IDB for $ 30 million for 10 years at 6% per annum, of which 15.9 million U.S. dollars have been sent to the agroindustrial complex of Kazakhstan. [2011-06-08]