KazAgro completed financing of agrarians on forward procure program

27 August, 2014 13:03

The National Company Food Contract Corporation JSC (Food Contract Corporation) has completed financing of the agrarians on the program of forward procurement of wheat and/or barley from the agricultural commodity producers (ACP) by means of spring-summer financing under the guarantees of the second-tier banks of the RoK and the social entrepreneurship corporations.

As was reported earlier, to implement this program, by the decision of the State committee on the issues of modernization of the economy 14 billion tenge were allocated from the budget on the basis of 6 thousand tenge per 1 ha of sown area.

Within the program, Food Contract Corporation has financed 1 738 bids of ACP for the amount exceeding 13 billion tenge. At the same time, the total sown area claimed by the agrarians, has exceeded 2,1 million ha.

The final phase of the program is performing of the obligations by the agrarians by supplying until December 1, 2014 of wheat and/or barley the volume of which shall be determined based on the amount of preliminary payment to the ACP and the purchasing price of the Food Contract Corporation.

The main line of business of the National Company Food Contract Corporation JSC is ensuring of purchase, formation, accounting, organization of storage, renewal, transportation, sales of the state resources of grain and products of its processing, as well as other functions determined by the Government of Kazakhstan. The sole share-holder of the company is National Managing Holding KazAgro JSC, according to the official website of the Holding.

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