Bank CenterCredit JSC (Kazakhstan) actively supports agricultural producers

/Bank CenterCredit JSC, April 26, 05/ - On April 15, 2005 a session on distribution of a government subsidies among banks, members of a government- run food program 107 "Subsidizing interest rates on general-purpose loans lent by second-tier banks to enterprises engaged in processing of agricultural produce" took place under the supervision of the Ministry of agriculture. By results of bids, the Commission decided to grant Bank CenterCredit JSC with the subsidy of KZT241.5 m on following lots: "meat processing", "milk processing", "grain crops processing", "oil-bearing crop processing", "cotton-made production", which accounts for almost 25% of total amounts of subsidies, given at the expense of the Republican budget for 2005. Participation in this program allowed 36 borrowers of the Bank to lower their cost of funds as the share of subsidized interest amount is set at 61%,and accordingly, interest rate for borrower amounted 8.5% APR in tenge. Subsidies will allow borrowers to use resources for production faculties expansion purposes and increasing working capital. Bank CenterCredit JSC wins bids for several years in a row. In 2004 the Bank was apportioned KZT253 m during a tender held under same program. Moreover, it is worth noting that the Bank applies its best efforts to ensure its clients are able to get cheap funding from many major sources including Asian Development Bank, World bank, Eurpoean Bank for Reconstruction and Development, Kazakhstan Development Bank, Kazagrofinance, National innovation foundation and international insurance agenies. [2005-04-26]