ACC and the Russian Export Center Signed the Memorandum of Cooperation

ACC and the Russian Export Center Signed the Memorandum of Cooperation

Within the framework of the XIV Forum of Interregional Cooperation of Russia and Kazakhstan with the participation of the Heads of State, the Agrarian Credit Corporation signed a Memorandum of Cooperation with the Russian Export Center JSC. As noted in the document, the parties intend to cooperate in terms of financing the borrowers for the purchase of Russian-manufactured agricultural machinery and equipment among the subjects of the agro-industrial complex of the Republic of Kazakhstan. The Agrarian Credit Corporation JSC expects to direct the raised funds from Roseximbank in the amount of 16.8 billion tenge for crediting the agricultural producers both directly and through the system of credit cooperatives, second-tier banks and leasing companies for the purchase of Russian-manufactured agricultural machinery. The parties expect the Memorandum to become an important mechanism for increasing the competitiveness of business in the Republic of Kazakhstan and the Russian Federation, to create the basis for developing close commercial links and to increase the scope of bilateral relations. Part of the funds raised from Roseximbank will be used to finance the expansion of the production of the Vector combine harvesting plant. The assembly kits will be purchased from Rostselmash, the world leader of agricultural machinery, thereby, the output of finished products will grow from 300 to 500 units of equipment per annum. It should be noted that the Corporation is considering the possibility of financing the Vector plant from the National Fund for incremental capacity. This will increase the share of Kazakhstan content in the final product from 30 to 40%.

 

According to the data of 2016, Russia supplied 1464 units of Russian harvesting equipment to Kazakhstan, 470 units of tillage machinery, 350 units of sowing machinery, 310 agricultural machinery for post-harvest harvest processing and 138 tractors. It is worth noting that the Corporation grants the loans to purchase agricultural machinery / equipment under the Agrotechnics and Agroexport programs (for export-oriented projects). The Agroexport program is implemented due to preferential terms of attracted funds and the Unified Accumulative Pension Fund, which is the reason why the interest rate is reached at the level of 8% per annum.

 

For reference: Russian Export Center (REC) JSC is the state institute for support of non-commodity exports, which provides Russian exporters with a wide range of financial and non-financial support. The Russian Export Center group includes the Russian Agency for Insurance of Export Credits and Investments (EKSAR JSC) and ROSEXIMBANK JSC.

 

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