Madaba, June 30 (Petra) – The Agricultural Credit Corporation’s (ACC) Madaba branch reported significant progress in its 2024 lending plan, with allocations increasing to JD 2.5 million, up from JD 1.8 million last year, which achieved full disbursement.

Branch Manager Walid Shakhanbeh told the Jordan News Agency (Petra) that approximately 354 borrowers have so far benefited from this year’s lending program, underscoring the government’s commitment to implementing the Economic Modernization Vision through targeted agricultural financing that bolsters food security and supports rural development.

He noted that the branch implemented a collection plan valued at around JD 2.2 million, representing a 96 percent recovery rate, which is crucial to preserving the Corporation’s capital and ensuring continued expansion of lending services to the agricultural sector.

Shakhanbeh said that by mid-2024, about 57 percent of this year’s lending plan equivalent to JD 1.4 million had been disbursed to 295 beneficiaries.

The lending portfolio, he noted, targets diverse objectives, including developing agricultural lands, enhancing livestock production, improving water resources utilization and modern technologies, supporting agri-food processing and marketing, procuring agricultural supplies and machinery, promoting renewable energy, and advancing rural finance initiatives.

The plan also focuses on financing small and medium-sized enterprises to combat poverty and unemployment, supporting livestock breeders, and backing niche projects such as renewable energy installations, mushroom farming, sustainable fodder cultivation, and modern irrigation systems like hydroponics and aquaponics.

Shakhanbeh noted that interest-free loans totaling JD 400,000 were granted to 105 farmers for fodder purchases to support livestock operations. Additionally, medium-term loans of JD 597,000 benefited 107 borrowers, while JD 211,000 was allocated for projects aimed at reducing poverty and unemployment, supporting 48 individuals. Rural finance loans worth approximately JD 110,000 were also distributed among 25 beneficiaries.

He encouraged farmers to establish high-value projects that contribute to the sustainability of the agricultural sector amid ongoing challenges. One notable success story is a sustainable fodder cultivation project led by Raed Haddadin, who secured a JD 30,000 loan to expand operations utilizing treated water from the Madaba purification plant.

The project enabled the purchase of essential equipment and now produces alfalfa and barley feed, generating over five permanent and seasonal job opportunities.

Another success case is mushroom cultivation entrepreneur Aref Zaben, who started with a JD 5,000 loan two years ago. Following substantial growth, he received an additional JD 20,000 to expand from one cultivation room to six, which is expected to create around 10 permanent and temporary jobs.

//Petra// AJ

30/06/2025 13:50:24