Belarusian Gov’t to grant benefits to Kazakhs buying agricultural machinery

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ASTANA. KAZINFORM Purchasing agricultural machinery and equipment manufactured in Belarus on lease is getting more lucrative for Kazakh farmers, Kazinform reports with reference to KazAgroFinance press-service.    

"Within the existing KazAgroFinance JSC program "Made in Belarus" the Government of the Republic of Belarus compensates a part of the interest rate of the financial leasing agreements for agricultural machinery and equipment manufactured in Belarus. The compensation of the leasing payments equals 2/3 of the bank rate established in the Republic of Kazakhstan", the press-service said.

Whereas the official bank rate since April 1, 2017  is equal to the prime rate of 11.0 percent, the Belarusian Government will subsidize Kazakh farmers at 7.33 pct. compensation rate. Earlier the compensation was 3.67 percent.

As a reminder, at the end of the last year KazAgroFinance JSC, a company of National Managing Holding "KazAgro", has reduced the interest rate from 19 pct. to 17.3 pct.pa. Thus, the ultimate rate for Program "Made in Belarus" will equal about 10 percent. However, it does not rule out Kazakh subsidies.

Program "Made in Belarus" was launched in May 2016 by the Agreement signed between KazAgroFinance JSC and the Government of the Republic of Belarus. The leasing period is no longer than five years. The leasers shall pay the interest and the principal amounts on a quarterly basis.

 

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