A new crediting method of agricultural machinery was launched in Kazakhstan

Purchase of agricultural machinery with the help of Credit partnerships is popular among Kazakh farmers.

"A new product was launched this year. It is a purchase of agricultural machinery through the system of credit unions (CU). Novelty of this product is similarity to car loans, which has been successfully implemented through the STB. Earlier, CU could lend for an agricultural equipment, but mostly loans were issued on bail. But due to the fact that in agriculture there are problems with the provision of collateral, we have decided to introduce a new product. It is purchase of agricultural machinery with an initial contribution, "- said Aizhan Kenjebayeva, the managing director of " Agrarian Credit Corporation" JSC.

According to the report, the specificity of this product is that the initial payment can be both in cash and in the form of collateral: land, equipment, residential homes, vehicles.

"Having studied the dynamics of the product, it can be said that it is very popular among the farmers. For 3 months  we have already received applications amounting up to 300 million. tenge.  It is only registered applications. There are still a large number of agricultural producers collecting a package of documents" - says Aizhan Kenjebayeva.

Bagila Burumbaeva, chairman of one of the credit unions in Akmola oblast, notes that with the introduction of a new crediting method the number of farmers wishing to buy agricultural equipment has increased dramatically.

" We established out CU in 2003 and were among first in the Astrakhan region of Akmola oblast. Our CU is called "Bolashak" and works for more then 13 years. We started with 20 people, as required by law on credit unions. Today we have more than 50 people. The program "On crediting agricultural machinery" is a new technology through a system of credit unions. It is very convenient, "- said Bagila Burumbaeva.

An initial contribution of 20% of its value is needed for the purchase of agricultural machinery .

"I was told that there is such a program. They said that it is possible to take three tractors. And I've made decision. I bought three pieces of equipment - tractor, baler and a header. Now with all this equipments, I can do my job better, "- says Avkhad Akayev, farmer from Astrakhan district of Akmola region.

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