Amman: The Agricultural Credit Corporation (ACC), in cooperation with the Agricultural Materials Traders and Producers Association, has introduced a new initiative aimed at supporting Jordanian farmers through the provision of interest-free loans. The initiative is designed to facilitate a public-private partnership and aligns with the development priorities outlined in the Economic Modernization Vision.
According to Jordan News Agency, the ACC has stated that this initiative seeks to reduce the financial burdens faced by farmers and protect them from the exploitation of production input prices through an innovative financing system. Farmers will benefit from loans offered at preferential prices without the burden of bank interest costs, as suppliers will assume the financing costs.
The ACC's statement highlighted that the initiative was developed after consultations with representatives from the Kingdom's agricultural sector to ensure beneficial outcomes for all parties involved in the agricultural value chain. The initiative aims to improve the efficiency of agricultural financing and achieve its immediate objectives.
The ACC further announced that payments for agricultural inputs would be made directly to suppliers. This measure is expected to enhance suppliers' cash flows and mitigate the risks associated with accumulated debts owed by farmers. The ACC emphasized that this initiative represents a genuine partnership between the public and private sectors, offering a feasible model for sustainable development and promoting financial and production stability within Jordan's agricultural sector.