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ORDER OF THE GOVERNMENT OF THE REPUBLIC OF KAZAKHSTAN

of February 15, 2010 No. 97

About approval of Rules of financing of the actions connected with subsidizing of rate of remuneration on the credits issued by financial institutions to the companies for conversion of agricultural products on replenishment of their main and current assets on leasing of the equipment

(as of May 17, 2010)

According to the Law of the Republic of Kazakhstan of December 7, 2009 "About the republican budget for 2010-2012", 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 financing of the actions connected with subsidizing of rate of remuneration on the credits issued by financial institutions to the companies for conversion of agricultural products on replenishment of their main and current assets on leasing of the equipment.

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 15, 2010 No. 97

Rules of financing of the actions connected with subsidizing of rate of remuneration on the credits issued by financial institutions to the companies for conversion of agricultural products on replenishment of their main and current assets on leasing of the equipment

1. General provisions

1. These rules of financing of the actions connected with subsidizing of rate of remuneration on the credits issued by financial institutions to the companies for conversion of agricultural products on replenishment of their main and current assets on leasing of the equipment (further - Rules) determine procedure and conditions of provision from the republican budget to financial institutions of subsidies for compensation of part of costs for payment of rate of remuneration by the credits and leasing received by the companies for conversion of agricultural products on replenishment of their main and current assets for the production purposes (conversion) according to the budget program 096 "Subsidizing of rate of remuneration on the credits issued by financial institutions to the companies for conversion of agricultural products on replenishment of their main and current assets, by leasing of the equipment" (further - the program), implemented in the corresponding financial year.

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

the company for conversion of agricultural produktsiisubjekta of agro-industrial complex, irrespective of patterns of ownership, including the peasant farms which are engaged in conversion by agricultural products, fish and fish products and/or production of food;

agricultural products - raw materials and products of crop production and livestock production, including the products received by means of their primary conversion;

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

financial institutions - the banks of the second level, credit institutions having the corresponding license for the right of implementation of banking activity, leasing companies:

the borrower (leasing recipient) - the company for conversion of agricultural products;

current assets - agricultural raw materials for industrial conversion, the main and auxiliary materials, purchased semifinished products, spare parts for repair of fixed assets, fuel, the invaluable and fast-wearing-out objects, stock, tools, and also the special tools and devices irrespective of their cost intended for release of certain lot of products;

fixed assets - processing equipment on conversion of agricultural raw materials and production of food products, and also components and spare parts to the equipment.

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

determination - selection of financial institutions of the budget program and distribution between them the budget subsidies provided by the program.

3. Subsidies from the republican budget are provided in the amount of no more than 80 (eighty) percent from remuneration rate on the credit (loan, leasing) issued by financial institutions at the expense of own and/or raised funds provided that the total amount of the granted loans (loans) for receipt of subsidies of one borrower (leasing recipient) does not exceed 1500000000 (one billion five hundred million) tenges on acquisition of fixed assets, 1000000000 (one billion) tenges on replenishment of current assets, 1500000000 (one billion five hundred million) tenges on refinancing of earlier incurred costs, at the same time the limiting interest rate shall not exceed 20% (twenty percent) of annual.

Changes of remuneration rate by financial institutions on the credit (loan, leasing) towards increase during date of receipt of subsidies are not allowed.

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