Economy News – Baghdad
On Thursday, Agriculture Minister Abbas Al-Maliki announced the launch of the Agricultural Equipment Fund, which will offer benefits of up to 3%. He identified two primary factors contributing to desertification and discussed measures to mitigate its impact.
In his official statement, Minister Al-Maliki emphasized the significance of Law 13 and its amendments as pivotal legislation in agricultural investment. This law bestows substantial incentives to investors, notably customs exemptions that may extend up to ten years for eligible projects.
He elaborated that the project’s completion timeline is contingent upon its nature, with certain projects—including residential, industrial, and commercial—available to investors at nominal prices. This framework constitutes significant support for investors entering the market.
Al-Maliki highlighted the Iraqi government’s ongoing efforts to facilitate investment, including direct loans to investors. These projects also benefit from the provision of modern technologies and the installment distribution of equipment over a ten-year period. Additionally, the government is assisting farmers by subsidizing seeds by 70% and supplying agricultural pesticides at no cost.
The minister noted that the preparations for the agricultural lending fund, now ready for initiation, would provide loans with interest rates as low as 3%. This fund is designed as vital assistance for farmers and livestock breeders.
Addressing desertification, Al-Maliki identified drought and decreased agricultural land as critical challenges, alongside insufficient financial allocations, particularly in light of current circumstances. He highlighted the ministry’s commitment to addressing climate issues, referencing a major initiative launched by Prime Minister Mohammed Shia Al-Sudani in Basra Governorate, which resulted in the planting of 5 million seedlings and palm trees—exceeding the target by over a million.
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