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FINANCIAL NEWS
EU grants Lebanon’s agriculture ministry USD20.14m
30 Jul 2011
(MENAFN) Lebanon’s agriculture minister, Hussein Hajj Hasan, said that the European Union granted Lebanon’s agriculture ministry USD20.14 million to fund a four-year agricultural and rural development program, reported The Daily Star.
The minister said that this grant is meant to boost the performance of the Lebanese agriculture by improving the agriculture guidance, infrastructure, and offering equipment to the ministry. He said that ministry’s centers would be provided by the necessary tools in addition to providing training to employees.
Hasan added that the EU would earmark USD5 million to Kafalat, so that the latter would be able to increase the percentage of guarantees it offers to farmers. This will enable farmers to get loans with better conditions than the ones currently available.
The minister said that the interest rate will be subsidized by the Central Bank whereby the cost of the loan will reach 2 percent only.
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