The food corporation will allocate 40 billion tenge to finance farmers under the forward purchase program in 2024. To date, as part of the provision of guarantees from SECs and second-tier banks, more than 31 billion tenge have been issued and more than 500 thousand tons of agricultural products - wheat and oilseeds - have been contracted. This was reported by the press service of the Food Corporation.
More than 350 farmers are already working under this program. To ensure a fair distribution of funding among agricultural producers, all applications under the forward purchase program are sent for approval to coordinating councils under regional akimats.
“The majority of applications for participation in the 2024 forward purchase program traditionally came from the main grain-growing regions, such as North Kazakhstan, Kostanay and Akmola regions. It should be noted that agricultural producers can use the funds received for various purposes, such as the purchase of fuels and lubricants, seeds, spare parts, carrying out soil cultivation, and pre-sowing preparation. The main condition of the program is the return of marketable grain in the autumn,” the Food Corporation recalled.
The main conditions for participation in forward purchasing are at least two years of experience in crop production and the provision of a guarantee from a social entrepreneurial corporation.