EDB to Allocate $45 Million to Food Security in Kazakhstan

According to the Eurasian Development Bank’s website, the bank is ready to give a $45 million load to Food Contract Corporation, an agricultural company from Kazakhstan. These funds should be spent on food purchasing.

The first tranche of $24.7 million has already been received.

«Our goal is to provide comprehensive assistance for the development of the economies of all our countries, including such a priority sphere as agriculture,» the bank said. 

As the EDB noted, the loan will let Kazakhstani farmers cope with harvesting and make sure that their products will be sold without prices soaring.

For example, some of the agricultural products produced in Kazakhstan with the support of the bank might be exported to other countries, which are also supported by the bank. In 2018 Food Contract Corporation exported about 10,000 tons of wheat to Tajikistan. In 2019 the wheat export was about 5,000 tons.

Food Contract Corporation is a national company in Kazakhstan, which is run by the government. It plays the role of state operator on the grain market and guarantees the food security of the country. Also, it promotes exports and the development of the industry.

According to The Economist Intelligence Unit in 2020 Kazakhstan held 32nd position out of 113 countries in terms of food security, which is 16 points higher than before.