Agricultural Credit Corporation, Arab Jordanian Insurance Group sign cooperation memo

Amman: The Agricultural Credit Corporation (ACC) and the Arab Jordanian Insurance Group (AJIG) Wednesday signed an insurance agreement against the risks of death and disability on the lives of farmers who have loans to their name. The agreement was signed on behalf of the Corporation by the General Manager, Engineer Muhammad Doujan, and on behalf of the Group by the Accounts Manager for clients, Ayman Marar, in the presence of the Chairman of the Corporation's Board of Directors and Minister of Agriculture, Engineer Khaled Al-Hunaifat. Agriculture Minister Khaled Hneifat said the signing of the agreement coincided with the Kingdom's celebrations of the silver jubilee of His Majesty King Abdullah II assuming his constitutional powers, noting the King's support for agriculture and empowering farmers through loan programmes and introducing technology. Hneifat said that the ACC is keen to support farmers irrespective of profit, adding that the percentage of defaulters before the courts is less than 2 per cent, the lowest compared to other lending institutions. He added that over 9,770 farmers received a share of the total JOD52.4 agriculture projects, which created 6,822 permanent and temporary job opportunities. ACC Director Muhammad Doujan presented the institution's "achievements" in 2023, noting that the term of loans for agricultural and livestock production requirements was extended to two years instead of one to ensure sustainability for farmers. Doujan added that the ACC approved an incentive discount of 50 per cent of the value of the ownership interest should the concerned parties wish to close their debts and return the lands in exchange for the debts. He added that 200 women and men secured interest-free loans in cooperation with the Zaha Cultural Centre, adding that farmers whose livestock were impacted by the foot-and-mouth disease virus secured a JOD40,000 loan for each farmer. He said that JOD1.140 million in free-interest loans were allocated to encourage the demand for renewable energy in coo peration with the Energy Promotion Fund. Source: Jordan News Agency