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[size=36]A government official explains the sectors covered by agricultural loans to farmers[/size]
Economy | 06:41 - 10/30/2023
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Mawazine News - Baghdad
, today, Monday, the Ministry of Agriculture clarified the positives and purpose of the Council of Ministers’ decision to increase the capital of the Agricultural Bank, its role in providing loans, and its impact on farmers, while specifying the special action plan and strategy applied for granting loans and its targets to develop the reality of agriculture and livestock.
Undersecretary of the Ministry, Mahdi Sahar Al-Jubouri, said, “The agricultural sector needs capital to finance and implement development projects for the sector as a whole, as well as livestock.”
He added, "Launching loans to farmers as a strategy and business plan is an opportunity to create other projects and expansion. Therefore, the Council of Ministers decided to increase the capital of the Agricultural Cooperative Bank by 29.4 billion dinars."
He continued, "One of the goals of raising capital in the bank is for farmers to obtain loans directly, and the Ministry, through the federal budget, went to launch soft loans from the Agricultural Loan Fund at an interest rate not exceeding 3%."
He pointed out, "The loans will focus in their first phase on providing modern irrigation technologies, laser leveling technology, and agricultural mechanization through pullers and harvesters, to complement modern irrigation systems and provide a basis for developing and supporting agricultural projects in the production of strategic crops such as wheat, as well as yellow corn, and fodder crops such as fodder barley and others."
Al-Jubouri stated, “The loans also aim to launch major projects in the poultry sector, raising and fattening calves, and other projects.”
, today, Monday, the Ministry of Agriculture clarified the positives and purpose of the Council of Ministers’ decision to increase the capital of the Agricultural Bank, its role in providing loans, and its impact on farmers, while specifying the special action plan and strategy applied for granting loans and its targets to develop the reality of agriculture and livestock.
Undersecretary of the Ministry, Mahdi Sahar Al-Jubouri, said, “The agricultural sector needs capital to finance and implement development projects for the sector as a whole, as well as livestock.”
He added, "Launching loans to farmers as a strategy and business plan is an opportunity to create other projects and expansion. Therefore, the Council of Ministers decided to increase the capital of the Agricultural Cooperative Bank by 29.4 billion dinars."
He continued, "One of the goals of raising capital in the bank is for farmers to obtain loans directly, and the Ministry, through the federal budget, went to launch soft loans from the Agricultural Loan Fund at an interest rate not exceeding 3%."
He pointed out, "The loans will focus in their first phase on providing modern irrigation technologies, laser leveling technology, and agricultural mechanization through pullers and harvesters, to complement modern irrigation systems and provide a basis for developing and supporting agricultural projects in the production of strategic crops such as wheat, as well as yellow corn, and fodder crops such as fodder barley and others."
Al-Jubouri stated, “The loans also aim to launch major projects in the poultry sector, raising and fattening calves, and other projects.”
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