IFAD grants Syria a long-term loan USD 5 million to Livestock Development Project

Damascus, SANA – Livestock Development Project Manager at Ministry of Agriculture Ayman Daba said that the International Fund for Agricultural Development (IFAD) granted Syria a long-term loan, for three years, with a value of USD 4.5 millions.

He, clarified in a stateent to SANA, that the interest of the loan is low (One per thousand) with USD 500,000 Non-refundable grant.

Daba said that the loan, to be distributed among ranchers from eight provinces, is to establish small units for manufacturing dairy products, particularly in al-Ghab area.

He clarified that project works with the Agricultural Bank to set the suitable mechanisms for giving the unprofitable loans, adding that the Ministry is to pay the interests to the Agricultural Bank.

IFAD was established in 1977 as one of the International Conference of Food’s outputs in 1974. It aims at fighting poverty and hunger and achieving food security in developing countries.
R. Milhem/ Barry

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