National managing holding KazAgro (Kazakhstan) intends to spend more than KZT17 bn on funding harvesting campaign

/KASE, August 26, 13/ – National managing holding KazAgro (Astana), whose bonds are officially listed on Kazakhstan Stock Exchange (KASE), has provided KASE with a press-release of August 23, 2013: quote In general, National holding KazAgro intends to spend over KZT17 bn on funding the 2013 harvesting campaign. Farms and agricultural formations are supported by way of providing to them loans and leasing of various agricultural machinery. In the total funding over KZT13 bn originate from off-budget sources of KazAgro envisaged for purchase of harvesting machines and equipment. As of today, the leasing company, part of the National holding, concluded agreements on supply of equipment with manufacturers and suppliers from Kazakhstan, as well as with partners from abroad. At the same time, based on funding applications, about 300 units of equipment were already purchased. Another company of KazAgro – Agricultural credit corporation has spent KZT2.8 bn on harvesting campaign out of KZT3.9 bn earmarked. Funding of farms is carried out by way of direct loans and through the system of credit partnerships. Also, the Fund for support of agriculture will provide around KZT500 m for funding cotton growers in the country's south as well as its Eginzhai program. We remind you that at the beginning of this year National holding KazAgro invested over KZT69.5 bn under the sowing campaign funding. Overall, 3,630 applications of the agricultural sector were funded in the course of conducting the sawing campaign by the holding's subsidiaries, which allowed processing and sawing 5.7 mln ha of the cultivated area. National managing holding KazAgro implements the government policy on developing Kazakhstan's agricultural sector by way of providing a more efficient management of investment assets of companies included in its structure. The holding includes the National company National food corporation, KazAgroProduct, KazAgroFinance, Agricultural credit corporation, Fund for support of agriculture, KazAgroGarant and KazAgroMarketing. unquote [2013-08-26]