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ORDER OF THE GOVERNMENT OF THE REPUBLIC OF KAZAKHSTAN

of February 2, 2016 No. 44

About approval of conditions and mechanisms of crediting of subjects of industrial and innovative activities through financial institutions

According to article 260 of the Entrepreneurial code of the Republic of Kazakhstan of October 29, 2015 the Government of the Republic of Kazakhstan DECIDES:

1. Approve the enclosed conditions and mechanisms of crediting of subjects of industrial and innovative activities through financial institutions.

2. Recognize invalid some decisions of the Government of the Republic of Kazakhstan according to appendix to this resolution.

3. This resolution becomes effective after ten calendar days after day of its first official publication.

Prime Minister of the Republic of Kazakhstan

K. Masimov

Approved by the Order of the Government of the Republic of Kazakhstan of February 2, 2016 No. 44

Conditions and mechanisms of crediting of subjects of industrial and innovative activities through financial institutions

1. Terms for crediting subjects of industrial and innovative activities

1. Terms for crediting subjects of industrial and innovative activities are:

1) the amount of participation of the financial agent in loan granting which shall constitute no more than 80% (eighty percent) of the amount of the estimate of the project;

2) crediting is provided for the term of no more than twenty years.

2. Crediting is performed in national currency.

2. Mechanism of crediting of subjects of industrial and innovative activities

3. The financial agent brings to the general attention the list of the financial institutions performing crediting of subjects of industrial and innovative activities by means of placement of information in mass media.

4. For participation in crediting of subjects of industrial and innovative activities the financial institution files to the financial agent the corresponding petition and documents confirming compliance to requirements of the financial agent.

5. The financial agent considers documents of financial institution for participation in crediting of subjects of industrial and innovative activities in the terms established by internal documents of the financial agent and makes the decision on approval of the conclusion of the general agreement or on its refusal to financial institution.

6. The general agreement shall contain the following essential conditions:

1) subject and effective period of the general agreement;

2) the amount of the general agreement (the amount of investment of funds by the financial agent at financial institution for realization of crediting of subjects of industrial and innovative activities), terms and procedure for its placement;

3) crediting purpose;

4) crediting sales terms;

5) rights and obligations of the Parties;

6) conditions and order of interaction of the parties, including questions of transfer of risks, works with the problem credits, post-crisis servicing, recognition of default of the borrower, debt restructuring and provision of delay to the applicant, collection and return of debt in case of recognition of default of the borrower;

7) bases and procedure for cancellation, prolongation of action of the general agreement;

8) responsibility of the parties.

7. The financial agent records the signed general agreements.

8. The amount which is subject to placement at financial institution is transfered by the financial agent to account, specified in the general agreement.

9. For crediting of subjects of industrial and innovative activities the financial institution uses the means placed by the financial agent on the account specified in Item of 13 these conditions and mechanisms.

10. The financial institution reports to the financial agent on development of the placed means on crediting of subjects of industrial and innovative activities. The procedure, form and frequency of submission of reports are established by the general agreement.

11. The means which are actually directed by financial institution to crediting of subjects of industrial and innovative activities according to these conditions and mechanisms are considered mastered.

12. Subjects of industrial and innovative activities address to financial institution behind crediting by filing of application for crediting and submit documents according to internal credit procedures of financial institution.

13. The financial institution in the terms established by the internal regulating documents makes the decision on crediting which is preliminary, or refusal in crediting.

Decisions of financial institution are drawn up by the relevant protocols of meetings of authorized body / authorized bodies.

14. The refusal in crediting is performed on the bases provided by credit policy of financial institution.

15. The period of availability of crediting to financial institution is determined by the general agreement.

16. The financial institution no later than 5 (five) working days from the date of the conclusion of the agreement of bank loan sends its copy to the financial agent, and also records own signed agreements of bank loan.

The financial agent records the agreements of bank loan signed by all financial institutions.

Appendix

to the Order of the Government of the Republic of Kazakhstan of February 2, 2016 No. 44

List of invalid decisions of the Government of the Republic of Kazakhstan

1. The order of the Government of the Republic of Kazakhstan of August 1, 2012 No. 1012 "About approval of conditions and mechanisms of crediting of subjects of industrial and innovative activities through financial institutions" (SAPP of the Republic of Kazakhstan, 2012 No. 65, the Art. 910).

2. Item of 15 changes and additions which are made to some decisions of the Government of the Republic of Kazakhstan, approved by the order of the Government of the Republic of Kazakhstan of October 18, 2013 No. 1115 "About modification and amendments in some decisions of the Government of the Republic of Kazakhstan" (SAPP of the Republic of Kazakhstan, 2013, No. 60, the Art. 827).

3. Item of 23 changes which are made to some decisions of the Government of the Republic of Kazakhstan, approved by the order of the Government of the Republic of Kazakhstan of December 20, 2013 No. 1363 "About modification of some decisions of the Government of the Republic of Kazakhstan" (SAPP of the Republic of Kazakhstan, 2013 No. 72, the Art. 951).

 

 

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