Development Bank of Kazakhstan Launches Agricultural Sector Financing Program

 

JSC "Development Bank of Kazakhstan" has initiated a new financing program aimed at supporting investment projects in the agro-industrial complex (AIC), as well as in the food and beverage production sectors. The program is set for the period from 2024 to 2029 and envisages a total financing volume of 500 billion tenge.

 

The goal of the program is to support projects focused on the processing of agricultural products to reduce dependency on imports and increase export volumes. Two projects have already been approved under the program: the construction of a meat poultry farm and the modernization of an oil plant to produce packaged refined vegetable oil.

 

This program was developed in accordance with the address of the head of state to the people of Kazakhstan on September 1, 2023, which set the task to increase the share of processed products in the AIC to 70%, and in the context of the government's plan to stimulate economic growth.

 

Currently, the DBK is considering several projects, including deep processing of wheat and corn, development of meat poultry farms, construction of greenhouse complexes, expansion of confectionery factories, and creation of an export agro-industrial cluster.

 

For the implementation of large projects in the AIC and food industry, DBK is open to collaboration with both domestic second-tier banks and international financial institutions. Projects can receive financing ranging from 3 billion tenge with loan terms from five to twenty years.