Minister of Agriculture Launches Agricultural Equipment Fund with Low Interest Rate
Baghdad, Iraq – On Saturday, Minister of Agriculture and Dawa Party leader, Abbas Al-Maliki, announced the initiation of the Agricultural Equipment Fund, which will offer financing with an attractive interest rate of up to 3%. This initiative is aimed at bolstering agricultural productivity and modernization to combat various challenges facing the sector, particularly desertification.
Addressing Desertification Challenges
During the announcement, Al-Maliki emphasized two primary factors contributing to the ongoing issue of desertification in Iraq: inadequate water management and insufficient agricultural practices. He noted that these challenges have significant implications for food security and overall economic stability in the region.
Implications for the Agricultural Sector
The establishment of the Agricultural Equipment Fund is expected to enhance access to necessary machinery and technology, enabling farmers to improve their operational efficiency. With the low-interest financing, the government aims to encourage the adoption of innovative farming practices that can mitigate the adverse effects of desertification and contribute to sustainable agricultural development.
In summary, the new fund represents a strategic move by the Iraqi government to invest in the agricultural sector, addressing critical issues while promoting economic growth and sustainability.
