THE ORDER OF THE DEPUTY PRIME MINISTER - THE MINISTER OF TRADE AND INTEGRATION OF THE REPUBLIC OF KAZAKHSTAN

of September 30, 2022 No. 389-HK

About approval of Rules of subsidizing of rate of remuneration on the issued credits and the made leasing transactions banks of the second level, Development bank of Kazakhstan, other legal entities performing leasing activities, to foreign buyers of domestic high-technology goods and services of processing industry who are subject to insurance from Export credit agency of Kazakhstan, taking into account the assumed international obligations, the list of domestic high-technology goods and services of processing industry for the purposes of subsidizing of rate of remuneration on the issued credits and the made leasing transactions by banks of the second level, Development bank of Kazakhstan, other legal entities performing leasing activities, to foreign buyers of domestic high-technology goods and services of processing industry who are subject to insurance from Export credit agency of Kazakhstan

According to subitems 6) and 8) article 10 of the Law of the Republic of Kazakhstan "About industrial policy" PRIKAZYVAYU:

1. Approve:

1) Rules of subsidizing of rate of remuneration on the issued credits and the made leasing transactions banks of the second level, Development bank of Kazakhstan, other legal entities performing leasing activities, to foreign buyers of domestic high-technology goods and services of processing industry who are subject to insurance from Export credit agency of Kazakhstan, taking into account the assumed international obligations according to appendix 1 to this order;

2) the list of domestic high-technology goods and services of processing industry for the purposes of subsidizing of rate of remuneration on the issued credits and the made leasing transactions banks of the second level, Development bank of Kazakhstan, other legal entities performing leasing activities, to foreign buyers of domestic high-technology goods and services of processing industry who are subject to insurance from Export credit agency of Kazakhstan according to appendix 2 to this order.

2. To provide to department of promotion of export of the Ministry of Trade and integration of the Republic of Kazakhstan in the procedure established by the legislation:

1) state registration of this order in the Ministry of Justice of the Republic of Kazakhstan;

2) placement of this order on Internet resource of the Ministry of Trade and integration of the Republic of Kazakhstan.

3. To impose control of execution of this order on the supervising vice-Minister of Trade and integration of the Republic of Kazakhstan.

4. This order becomes effective after ten calendar days after day of its first official publication.

It is approved Ministry of Agriculture of the Republic of Kazakhstan

It is approved Agency on protection and development of the competition of the Republic of Kazakhstan

It is approved Ministry of the industry and infrastructure development of the Republic of Kazakhstan

It is approved Ministry of Finance of the Republic of Kazakhstan

It is approved Ministry of national economy of the Republic of Kazakhstan

It is approved Ministry of digital development, innovations and aerospace industry of the Republic of Kazakhstan

It is approved Department of Energy of the Republic of Kazakhstan

 

Appendix 1

to the Order of the Deputy prime minister – the Minister of Trade and integration of the Republic of Kazakhstan of September 30, 2022 No. 389-HK

Rules of subsidizing of rate of remuneration on the issued credits and the made leasing transactions banks of the second level, Development bank of Kazakhstan, other legal entities performing leasing activities, to foreign buyers of domestic high-technology goods and services of processing industry who are subject to insurance from Export credit agency of Kazakhstan, taking into account the assumed international obligations

Chapter 1. General provisions

1. These rules of subsidizing of rate of remuneration on the issued credits and the made leasing transactions by banks of the second level, Development bank of Kazakhstan, by other legal entities performing leasing activities, to foreign buyers of domestic high-technology goods and services of processing industry who are subject to insurance from Export credit agency of Kazakhstan taking into account the assumed international obligations (further - Rules) are developed according to the subitem 6) of article 10 of the Law of the Republic of Kazakhstan "About industrial policy" (further - the Law) and determine procedure for subsidizing of rate of remuneration by the issued credits and the made leasing transactions by banks of the second level, Development bank of Kazakhstan, other legal entities performing leasing activities, to foreign buyers of domestic high-technology goods and services of processing industry which are subject to insurance from Export credit agency of Kazakhstan, taking into account the assumed international obligations.

2. In these rules the following determinations and concepts are used:

1) bank - the payment agent - the authorized bank of leasing company performing function on account management of leasing company intended for transfer and write-off of subsidies;

2) the creditor – the bank of the second level of the Republic of Kazakhstan or Development bank of Kazakhstan granting loan within implementation of these rules;

3) the credit agreement – the bilateral written agreement signed between the creditor and the borrower under the terms of whom the loan for acquisition of high-technology goods and services of processing industry, including in the SWIFT message format is granted;

4) the borrower – the foreign legal entity (including foreign bank / foreign leasing company) who received financing for acquisition of high-technology goods and services of processing industry within implementation of these rules;

5) the agreement of financial leasing – the bilateral written agreement signed between leasing company and the leasing recipient under the terms of whom the leasing company provides to the leasing recipient leasing subject;

6) the leasing recipient – the foreign legal entity receiving leasing within implementation of these rules;

7) leasing company – the legal entity, the resident of the Republic of Kazakhstan providing leasing within implementation of these rules;

8) the applicant – the foreign legal entity (including foreign bank / foreign leasing company) who addressed for receipt of the credit / financial leasing for acquisition of high-technology goods and services of processing industry;

9) the insurance contract - the bilateral written agreement signed between the creditor / leasing company and Export credit agency of Kazakhstan about voluntary insurance of loan / financial leasing (insurer) for acquisition of high-technology goods and services of processing industry;

10) insurer - Export and credit the agencies of Kazakhstan, performing activities within implementation of these rules;

11) the agreement of subsidizing – the quadrilateral written agreement signed between the financial agent, the creditor / leasing company, the borrower/leasing recipient and the exporter under the terms of which the financial agent partially subsidizes remuneration rate on the credit/leasing of the borrower/leasing recipient issued by the creditor / leasing company in the form approved by authorized body of the financial agent in coordination with authorized body in the field of regulation of foreign trade activity;

12) authorized body in the field of regulation of foreign trade activity (further – authorized body) – the central executive body performing management in the sphere of development and promotion of export of non-oil goods and services, and also in limits, stipulated by the legislation the Republic of Kazakhstan, cross-industry coordination in the field of regulation of foreign trade activity;

13) foreign bank / foreign leasing company – the financial nonresident organization of the Republic of Kazakhstan, the credit agreement / agreement of financial leasing concluding with the creditor / leasing company for the subsequent financing of the borrower for acquisition of high-technology goods and services of processing industry;

14) the exporter – the legal person / the individual entrepreneur of the Republic of Kazakhstan which signed the export contract of goods and (or) services or their exporting foreign legal entity;

15) the export contract – the bilateral written agreement signed between the exporter and the foreign buyer, directed to commodity export and (or) services;

16) CIRR (Commercial Interest Reference Rate) (Komershl interest referens reyt) (further – CIRR) – the minimum level of the interest rates applied within official financial supports of export loans by foreign currencies of the main countries of Organization for Economic Cooperation and Development, which information source Internet resource of Organization for Economic Cooperation and Development;

17) MM Index (Money Market Index) (Manya Market the Index) (further - MM Index) - the indicator of the money market which represents the value of interest rates (profitability), weighted average through amount of transactions, on transactions of currency swap of USD/KZT and to transactions of automatic repo with securities which source of information is the Internet resource of the Kazakhstan stock exchange of KASE;

18) RUONIA (Ruble Over Night Index Average) (Ruble overnight index avereydzh) (further – RUONIA) – the indicator representing weighted average interest rate on which credit institutions from the RUONIA list make among themselves transactions of unsecured rouble crediting on conditions overnight which source of information is the Internet resource of the Central Bank of the Russian Federation;

19) SWIFT message (Swift the message) - the international interbank system of information transfer and making payments.

3. Subsidizing of rate of remuneration on the issued credits and the made leasing transactions by banks of the second level, Development bank of Kazakhstan, other legal entities performing leasing activities, to foreign buyers of domestic high-technology goods and services of processing industry who are subject to insurance from Export credit agency of Kazakhstan taking into account the assumed international obligations (further - subsidizing) is performed within realization of the tasks determined in the Concept of development of processing industry of the Republic of Kazakhstan for 2023-2029 approved by the order of the Government of the Republic of Kazakhstan of December 20, 2018 No. 846.

Chapter 2. Procedure for subsidizing of rate of remuneration on the issued credits and the made leasing transactions banks of the second level, Development bank of Kazakhstan, other legal entities performing leasing activities, to foreign buyers of domestic high-technology goods and services of processing industry who are subject to insurance from Export credit agency of Kazakhstan, taking into account the assumed international obligations

4. Subsidizing is performed for benefit of creditors / the leasing companies performing financing of foreign buyers of domestic high-technology goods and services of processing industry, included in the list of domestic high-technology goods and services of processing industry for the purposes of subsidizing of rate of remuneration on the issued credits and the made leasing transactions by banks of the second level, Development bank of Kazakhstan, other legal entities performing leasing activities, to foreign buyers of domestic high-technology goods and services of processing industry who are subject to insurance from Export credit agency of Kazakhstan according to appendix 2 to this order.

5. The maximum term of subsidizing constitutes no more than the term of the credit / the leasing transaction, but no more than 15 (fifteen) years.

6. Subsidizing is performed by the financial agent determined by the Government of the Republic of Kazakhstan according to Item 2 of article 38 of the Law (further – the financial agent), for all term of the credit / the leasing transaction in national currency.

7. Subsidizing is performed on the credits / to leasing transactions with the nominal rate of remuneration which is not exceeding:

1) 300 (three hundred) % of value of indicative commercial interest rate (CIRR) of the corresponding currency and term – on the credits / to leasing transactions in dollars of the United States of America (further – the USA) or euro;

2) 150 (hundred fifty) % of the RUONIA level for 6 (six) months – on the credits / to leasing transactions in Russian rubles;

3) 150 (hundred fifty) % of the MM Index level – on the credits / to leasing transactions in tenge.

In case of remuneration limiting calculation of rate, CIRR/RUONIA rate for 6 (six) months / MM Index operating at the time of the decision of the creditor / leasing company on the credit / to the leasing transaction is considered.

8. The size of subsidy depends on financing currency, at the same time is established as difference between nominal rate of remuneration of the creditor / leasing company and:

1) CIRR for signature date of the agreement of the subsidizing constituted according to the Civil code of the Republic of Kazakhstan if the credit / the leasing transaction are nominated in US dollars or euro;

2) half of key interest rate of the Central Bank of the Russian Federation for signature date of the agreement of subsidizing if the credit / the leasing transaction are nominated in Russian rubles;

3) half of base rate of National Bank of the Republic of Kazakhstan for signature date of the agreement of subsidizing if the credit / the leasing transaction are nominated in tenge.

9. Part of the rate of remuneration which is not subject to subsidizing is paid by the borrower/leasing recipient.

10. During the calculating of remuneration for the credit / to the leasing transaction the accrual bases of percent from among days in year/month applied by the creditor / leasing company during the calculating of the amount of remuneration for the provided credit / to the leasing transaction are used.

11. Subsidizing stops after fixed term in the agreement of subsidizing or in the cases provided in Item 35 of these rules.

12. By provision by the creditor / leasing company of delay and increase in term of the credit / the leasing transaction on the granted delay to the borrower/leasing recipient on payment of rate of remuneration under the credit agreement / agreement of financial leasing, the term of subsidizing is prolonged with the consent of the financial agent for the term of the granted delay, but no more than the term specified in Item 5 of these rules.

13. The creditor / the leasing company and the insurer carry out assessment of solvency of the borrower/leasing recipient.

14. In case of adoption of the positive decision on provision of the credit / financial leasing the creditor / the leasing company within 3 (three) working days from decision date sends to the financial agent the petition for provision of subsidy signed by the digital signature of the authorized person of the creditor / leasing company on electronic document management system according to article 10 of the Law of the Republic of Kazakhstan "About the electronic document and the digital signature" (further - electronic document management system) with appendix of the electronic (scanned) copies of the following documents:

1) the statement questionnaire on receipt of subsidy in form according to appendix to these rules;

2) the statement on voluntary insurance of loan / financial leasing;

3) the questionnaire of the borrower/leasing recipient in the creditor's form / leasing company;

4) letters of the creditor / leasing company about provision of financing with indication of data on the borrower/leasing recipient and the letter of the insurer on possibility of the conclusion of the insurance contract. At the same time, the decision of authorized body of the insurer is issued on establishment of general limit on the borrower/leasing recipient within whom insurance protection will be provided;

5) the export contract and documents of the exporter confirming the status and activities/field of activity of the subject of the private entrepreneurship occupied in processing industry (the certificate of state registration (re-registration) of the legal entity);

6) the decision of the creditor / leasing company about provision of the credit / financial leasing;

7) the copy of the credit agreement / agreement of financial leasing (in the presence) between the creditor / leasing company and the borrower/leasing recipient;

8) the consent of the borrower/leasing recipient on:

provision by the financial agent to the interested third parties of information and the documents received within the agreement of subsidizing, including bank and trade secret without prior written consents of the borrower/leasing recipient;

publication by the financial agent in mass media of the name of the borrower, the name of the region in which the project, names and project descriptions of the borrower, and also industry is implemented;

9) the consent of the exporter on:

provision by the financial agent to the interested third parties of information and the documents received within the agreement of subsidizing, including bank and trade secret without prior written consents of the exporter;

publication by the financial agent in mass media of the name of the exporter, the name of the region in which the project, names and project descriptions of the exporter, and also industry is implemented;

10) the document certifying that the borrower is legal entity by the legislation of foreign state, with notarially attested translation into the Kazakh and Russian languages.

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