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Massimov urges Agriculture Ministry and KazAgro Holding to work out issue of agricultural projects financing by banks

ASTANA. 18.01.2010. KAZINFORM /Serik Sabekov/ Kazakhstan Prime Minister Karim Massimov has urged the Ministry of Agriculture and KazAgro National Holding to explore the issue of the agricultural projects financing by banks. According to him, the same task was set to banks on the Kazakh President's instruction. If the banking sector faced the difficult situation in 2009, but owing to brave and decisive activities the situation stabilized. As for January 1, 2010 clear balance in the banking sphere exceeds USD 11 bln. "It is those resources, which are needed for investing in economy. I met with bankers, and they consider that agriculture is that sector, which they can and must finance. They are ready to assume risks", K.Massimov noted. He noted that the cost of bank funds is very high in the course of financing, and the state, Ministry, KazAgro and other corresponding bodies should foresee mechanisms on interest rate subsidies in agriculture lending. "A bank assumes a risk, finances. And we subsidize", the Premier emphasized. The Prime Minister reminded that such scheme successfully functioned on pension funds last year. In K.Massimov's opinion, the 2010 key issue should be the issue of economy stimulation on the part of banks. "If there exists liquidity, we should create market incentive so they could lend economy", K.Massimov resumed.


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