Kazakhstan to launch new rural microlending project

ASTANA. KAZINFORM «This year will allocate 143 billion tenge for the development of over 1,500 projects,» Kassym-Jomart Tokayev said addressing the 1st session of the Parliament of the VIII convocation.

In his election platform, the Head of State outlined the development of rural entrepreneurship through agricultural cooperative societies as one of the key ones. To this end, the Auyl amanaty project will be developed to grant rural population microcredits at 2.5 percent interest per annum for a period of 5-7 years.

Agricultural cooperative societies will be created to render consumer services to the population. They will get access to subsidies to buy equipment and farming machinery. Some 1 trillion tenge will be allocated for this purpose. The Auyl - el besigi and Auyl amanaty projects should lay the groundwork for the new rural development strategy.

In a conclusion, the Head of State expressed hope that the Auyl Party that entered the Majilis will contribute to better legislative support of the reforms in the agricultural sector.