Amman: Chaired by Minister of Agriculture, Khaled Hneifat, Board of Directors of the Agricultural Credit Corporation (ACC) approved amendments to the applicable lending principles and rules during a meeting held Thursday.

Under the amendments, the board, who represents the Kingdom’s public and private sectors, scrapped the 3% fine on unpaid installments to contribute to support investment in Jordan’s agricultural sector by reducing the financial burdens on borrowing farmers.

The board also approved allocation of JD55 million as a lending plan for the coming year for all the Kingdom’s regions, aimed to finance and develop various agricultural projects, according to an ACC statement.

This budget also seeks to encourage integration of modern agricultural practices that top a priority in plans to stimulate the sector’s growth with a focus on countryside projects, targeting rural families, especially for empowering women and youth, the statement pointed out.

Additionally, the board agreed to issue a new versio
n of Agricultural Costs Guide as a scientific reference for costs of various agricultural businesses, aimed to disseminate know-how to future investors in the Kingdom’s agricultural sector.
Source: Jordan News Agency