Amman, November 21 (Petra) - Minister of Agriculture, Chairman of the Board of Directors of Agricultural Credit Corporation (ACC), Khaled Hneifat, said the corporation's board decided during its meeting Thursday, to allocate additional JD16 million in interest-free loans during the next year to support sustainable and climate-resistant agriculture.

In a ministry statement Thursday, Hneifat added that the board decided to expand the ACC's lending plan for 2025 to become JD65 million, marking an increase of 20%, compared to the current year.

Hneifat indicated that the board's decision came after reviewing the 2024 lending plan, the ACC's 2025 budget, and the increase in the collection rate, which reached JD62 million, adding that the projects transferred for legal follow-up did not exceed 3%, which indicates feasibility of investing in the Kingdom's agricultural sector.

The board, he noted, approved several decisions to facilitate access to financing and approve the funding to establish two food manufacturing factories in Ghor Al-Safi and Ein Al-Basha areas, at a value of JD700,000.

During the meeting, Hneifat noted the board sought to streamline procedures for obtaining loans and raise efficiency of using natural resources to support target groups of young men and women to finance small and mediumagricultural projects and rural enterprises, primarily food manufacturing and marketing fields.

Meanwhile, the ACC Director General, Mohammad Doujan, stated that the corporation's plan aligns with the National Plan for Sustainable Agriculture and the Economic Modernization Vision, stressing that the decision to increase the volume of interest-free loans would contribute to propel growth in the Kingdom's agricultural sector and push its competitiveness.
//Petra// AG

21/11/2024 18:58:35