Finance • 20 September, 2018

Mechanism for improving agrarian sector and enhancing sustainability of Tsesnabank approved

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The joint statement of the Government of Kazakhstan and the National Bank proposes a package of measures to support agricultural producers and the agrarian sector as a whole.

As part of this work, September 19, 2018, the Government of the Republic of Kazakhstan and the National Bank approved a mechanism for the purchase of a portfolio of agricultural loans from Tsesnabank JSC for 450 billion tenge.

Within the next few days, the mechanism will be implemented, which will improve the conditions for agricultural producers, as well as increase the sustainability of Tsesnabank due to a fundamental improvement in the quality of the loan portfolio. Also, the amount and exact schedule of additional capitalization of Tsesnabank JSC by its shareholders were determined.

Tsesnabank JSC jointly with JSC KazAgro NMH approved the mechanism for converting foreign currency loans granted to agricultural producers to tenge loans with an extension of the lending terms. This will reduce the debt burden of agricultural enterprises and reduce the dependence on exchange rate fluctuations caused by external factors.

As part of the measures taken, the state provides support to the country's agricultural sector, as well as the sustainability of Tsesnabank, which holds leading positions in lending to agricultural producers and is of systemic importance for the financial sector of the country.

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