ACC approves low-interest loans to agricultural sector

AMMAN — Minister of Agriculture and Board of Directors of the Agricultural Credit Corporation (ACC) Khaled Hneifaton on Tuesday approved the launch of a "subsidised" loan programme for Jordan's agricultural entrepreneurs within the Agricultural Innovation and Entrepreneurship Incubator at the National Agricultural Research Centre (NARC).

Hneifaton said that interest rates and profit margins would range between 2-2.25 percent, aimed at financing specific agricultural projects that rely on modern technology, the Jordan News Agency, Petra, reported. 

The board also approved grant loans to farmers and agricultural companies to enhance post-harvest logistical services, mainly packaging and refrigeration processes, aimed at improving infrastructure and facilitating marketing and sales of agricultural products.

The board said these initiatives come within the framework of supporting agricultural investments and raising the sector's "efficiency," which would contribute to achieving "sustainable" development and enhancing food security.

Also on Tuesday, the ACC and Technical and Vocational Skill Development Commission (TVSDC)  signed a cooperation agreement, aimed at supporting and financing small and medium-sized agricultural and rural projects across the Kingdom's governorates.

The agreement aims to provide the "necessary" funding to establish agricultural and rural projects and provide financial support to job seekers and entrepreneurs to establish small and medium-sized projects in the Kingdom's agricultural and rural sectors, which would contribute to reducing poverty and unemployment.

Within the framework of the Economic Modernisation Vision, the agreement also features steps to encourage innovation and the introduction of modern technology in Jordan's agricultural sector by supporting innovative and entrepreneurial projects.

The ACC also said that the agreement focuses on integrating modern technology into agricultural activities, aimed at enhancing "efficiency and productivity of this vital sector."