- Support the development of a key economic sector. The agricultural sector is one of the most important sectors in Kazakhstan's economy. The size and visibility of the proposed financing will demonstrate high standards and a customer focus to the agribusiness community in Kazakhstan. Once sufficient confidence is built in the system regarding secured lending against warehouse receipts, the local business community will no longer rely on the exclusive support of traders, which proves to be expensive in the end as the delivery of grain in the future is heavily discounted.
- Development of a more sophisticated financial sector. Risk sharing alongside a local financial intermediary is expected to act as a catalyst for mobilising more financing needed to improve sector performance. Success of the Warehouse Receipt Programme will have a high transition impact on the sector providing a more secure and efficient way of lending for the banks. Over time with more expertise and confidence in the agricultural sector, banks will create a strong, long-term client base and thus ultimately help grain producing companies to develop.
- Building confidence in the Kazakh agribusiness sector through active participation of syndicating banks.The Bank will attempt to syndicate both Phase 1 and Phase 2. This program will act as a pilot scheme in creating direct contacts between foreign financial institutions and local traders that would eventually provide access to international financing, which to date has been non-existent.
- Institutional development. The Bank has been instrumental in making the warehouse receipt law operational. It works with all related parties including the Kazakh banking sector and the Ministry of Agriculture, whose support is indispensable to the programme's overall success. The programme's achievements are significant in a sector where reform has been notoriously slow and would pave the way for further developments.
135-zh Gagarin Avenue
480060 Almaty, Kazakhstan
Tel: +7 3272 585 309
97 Zholdasbekov Street, Samal-2
480099 Almaty, Kazakhstan
Tel: +7 3272 504 074
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