The state-owned holding company “KazAgro” received a loan of $1 billion and €600 million in 2013-14 to support agriculture in Kazakhstan. This money – almost 300 billion tenge – was used for preferential lending to agricultural enterprises in Kazakhstan.
It turned out that 90% of the subsidized loans went to only 4 large agricultural holdings. This is despite the fact that the number of agricultural enterprises in Kazakhstan exceeds 40,000.
“KazAgro” was unable to repay the Western loans, and the state had to allocate money from the budget. Due to devaluation, the repayment amount totaled 640 billion tenge.
This is discussed on the QAIMAQ channel by Toleutai Rakhimbekov, a Kazakh politician and Doctor of Economic Sciences.
