Lebanese Farmers to Get $15m Agricultural Loan from USAID
Lebanese farmers will soon benefit from a $15 million loan provided by American banks and guaranteed by the US government, an official at the US Agency for International Development told Daily Star on Tuesday.
The money will be spent by the Lebanese Ministry of Agriculture to support efforts by small farmers to bolster their businesses. The ministry, which will decide when to begin disbursing the loan, could not be reached for comment, said the paper.
As part of the scheme, cattle farmers will be able to purchase 800 cows imported from the US on favorable financial terms, said the US agency.
According to the report, the farmers will initially pay 20 percent of the estimated $1,800 price of each cow and pay the remaining amount at an interest rate of 7 percent, with a six-month grace period.
Moreover, USAID said, the American University of Beirut will receive a separate grant of $430,000 in order to import the cows and train farmers on how to handle them. The training will be carried out at the AUB farm in the Bekaa, according to the Lebanese Daily – Albawaba.com
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