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ADB, KazAgro to Work Out a Development Program in Rural Areas

Monday 26 June 2017

ALMATY (Interfax-Kazakhstan) — The Asian Development Bank (ADB) offers Kazakhstan-based KazAgro holding assistance and detailed discussion on the issues of privatization of its subsidiaries, as well as assistance with rehabilitation projects for irrigation channels and creation of trade and logistics centres, KazAgro’s press service has said.

Asian Development bank (ADB) and “KazAgro” National management holding held the meeting in Astana and expressed the readiness to expand cooperation to develop agribusiness complex of Kazakhstan. The meeting was attended by the Vice-President of ADB Mr. Diwakar Gupta and the Chairman of the Executive Board of KazAgro Holding Mr. Nurlybek Malelov.

KazAgro National management holding JSC implements the state policy on development of agribusiness complex of Kazakhstan by means of providing effective management of investment assets of companies included into its structure. The Holding includes “Food contract corporation” National company JSC, “KazAgroProduct” JSC, “KazAgroFinance” JSC, “Agrarian credit corporation” JSC, “Fund for financial support of agriculture” JSC, “KazAgroGarant” JSC and “Kazagromarketing” JSC.

The main subject of the discussion was a wide range of actual questions related to development of agriculture of the republic and financing of projects in the industry. In particular, the following initiatives were discussed: financing of private sector for projects in agribusiness complex through funding of KazAgro; development of joint program of ADB and KazAgro to support and develop entrepreneurship in rural areas that supposes development of financing methodology, system of risks evaluation and structural financing and adoption of this methodology through private financial organizations to increase the channel for cash delivery; joint financing of large investment projects and infrastructure in order to develop food belt of the country and expansion of marketing possibilities of agricultural producers.

Besides, the representatives of the ADB and KazAgro discussed the possibility to strengthen microlending organizations and credit cooperatives in agriculture of the republic, as well as considered the perspectives of cooperation for privatization of several subsidiary organizations of the Holding transferred to competitive environment.

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