ACC allocates JD1mln to stimulate investments in agricultural sector

Amman: Board of Directors of Agricultural Credit Corporation (ACC), headed by Minister of Agriculture, Khaled Hneifat, on Wednesday approved a set of measures to stimulate investment in the Kingdom's agricultural sector. The package focuses on food processing and logistics services to serve marketing and manufacturing activities, as well as farmers' integration of clean energy, according to an ACC statement. Under the decisions, an amount of JD1 million is allocated for the lending plan for the year 2024 to support establishment of food industry projects and logistical services to market agricultural products, primarily sorting, grading, packing and cooling facilities. The ACC said these loans are granted a 2-year repayment break and will be interest-free during this period. Additionally, the measures provided subsidized loans to 500 farmers within a project to supply and operate photovoltaic energy to run surface irrigation water pumps and switch from using traditional power to clean solar energy through Green Economy Financing Facility programme funded by the European Union. The ACC will provide subsidized loans to help farmers pay the required costs estimated at 20%, while the project's management pays the remaining 80%. The ACC also raised allocations for loans for refrigerated transport vehicles for vegetables and fruits, in light of the expansion of marketing facilities and agricultural industries. The ACC approved financing to establish two food production factories worth JD700,000; the first plant is designed to produce semi-fried potatoes, while the other will produce pet food, which will be launched in Jordan's industrial estates within the framework of investment opportunities provided by Ministry of Agriculture. Source: Jordan News Agency