11 февраля 2013 18:27

KazAgro to cease issuing loans

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Illustration by tengrinews.kz Illustration by tengrinews.kz

National Managing Holding KazAgro will cease issuing loans, Tengrinews.kz reports citing Kazakhstan Vice-Minister of Agriculture Marat Tolebayev as saying at the presentation of recommendations of OECD (Organization for Economic Cooperation and Development). “According to OECD experts, KazAgro, being a quasi-state-run institute, is competing with private lenders and by doing so it probably obstructs other banks. We accepted these recommendations. And in the new Agrobusiness-2020 program we arranged the work of KazAgro in such a way that its direct lending activities are gradually lowering and the loaning focus is shifted away to second-tier banks instead,” the Vice-Minister said. Tolebayev also noted that KazAgro would only be a conductor of the state policies and the agent for payment of subsidies on loans. Such system was also recommended by OECD. By Shynar Ospanova


National Managing Holding KazAgro will cease issuing loans, Tengrinews.kz reports citing Kazakhstan Vice-Minister of Agriculture Marat Tolebayev as saying at the presentation of recommendations of OECD (Organization for Economic Cooperation and Development). “According to OECD experts, KazAgro, being a quasi-state-run institute, is competing with private lenders and by doing so it probably obstructs other banks. We accepted these recommendations. And in the new Agrobusiness-2020 program we arranged the work of KazAgro in such a way that its direct lending activities are gradually lowering and the loaning focus is shifted away to second-tier banks instead,” the Vice-Minister said. Tolebayev also noted that KazAgro would only be a conductor of the state policies and the agent for payment of subsidies on loans. Such system was also recommended by OECD. By Shynar Ospanova
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