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ORDER OF THE GOVERNMENT OF THE REPUBLIC OF KAZAKHSTAN

of February 21, 2007 No. 135

About approval of Rules of subsidizing of rate of remuneration (interest) on the credits issued by banks of the second level to the companies for conversion of agricultural products on replenishment of their current assets

According to the Law of the Republic of Kazakhstan of December 8, 2006 "About the republican budget for 2007", for the purpose of the state support of the companies for conversion of agricultural products the Government of the Republic of Kazakhstan DECIDES:

1. Approve the enclosed Rules of subsidizing of rate of remuneration (interest) on the credits issued by banks of the second level to the companies for conversion of agricultural products on replenishment of their current assets.

2. This resolution becomes effective after ten calendar days from the date of the first official publication.

 

Prime Minister

Republic of Kazakhstan K. Masimov

Approved by the order of the Government of the Republic of Kazakhstan of February 21, 2007 No. 135

Rules of subsidizing of rate of remuneration (interest) on the credits issued by banks of the second level to the companies for conversion of agricultural products on replenishment of their current assets

1. General provisions

1. These rules of subsidizing of rate of remuneration (interest) on the credits issued by banks of the second level to the companies for conversion of agricultural products on replenishment of their current assets (further - Rules), are developed according to the laws of the Republic of Kazakhstan of December 8, 2006 "About the republican budget for 2007", of July 8, 2005 "About state regulation of development of agro-industrial complex and the rural territories" and determine procedure and conditions of subsidizing of rate of remuneration (interest) (further - subsidizing) by the credits (further - the credit) issued by banks of the second level to the companies for conversion of agricultural products on replenishment of their current assets for the production purposes (conversion).

2. Subsidizing is measure of support of development of the companies for conversion of agricultural products and is performed for partial reduction in cost of payment amount, paid by borrowers to banks as remuneration on the credits.

3. Subsidizing is performed at the expense of the means provided in the republican budget for 2007 (further - means) according to the subprogramme 107 "Subsidizing of rate of remuneration (interest) on the credits issued by banks of the second level to the companies for conversion of agricultural products on replenishment of their current assets of" the program 006 "The state support of development of agro-industrial complex" (further - the program).

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

banks - the banks of the second level specified in the list provided by authorized body;

participating banks - the banks of the second level which are taking part in program implementation;

borrowers - the companies for conversion of agricultural products;

the administrator of the program - the Ministry of Agriculture of the Republic of Kazakhstan;

authorized body - state body on regulation and supervision of the financial market;

determination - selection of participating banks of the program and distribution between them the budget subsidies provided by the program.

2. Procedure for subsidizing of rates of remuneration (interest) for the banks determined by the administrator of the program in 2007

5. Means for subsidizing on the credits issued by banks to borrowers, the administrator of the program distributes on the following subindustries (lots):

1) conversion of meat, production of fowl and eggs;

2) milk conversion;

3) conversion of fruits, berries, vegetables and production of fruit and vegetable canned food, baby food;

4) conversion of oil-bearing crops and production of vegetable oil;

5) conversion of raw leather and wool;

6) conversion of grain crops.

6. The subsidizing amount provided from the republican budget constitutes no more than 80 percent of rate of remuneration (interest) on the credit issued for up to twelve months from the date of approval of the list of participating banks by the administrator of the program which amount shall not exceed 150000000 (hundred fifty million) tenges. At the same time the share of subsidized part of interest rate of the credit shall be equal for all borrowers.

7. For carrying out determination of the banks participating in program implementation, the administrator of the program:

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