Beirut - Georges Chahine
Lebanon has received a significant boost to its agricultural sector after the European Union handed over “agricultural and rural development loans” worth €3.5m to the country’s Ministry of Agriculture. Lebanon’s Agriculture Minister Hussein Hajj Hassan and European Union Ambassador to Lebanon Angelina Eichhorst signed the grant contract on Monday. The initiative forms part of the EU’s Agricultural and Rural Development Project [ARDP], which aims to support the agricultural sector by strengthening rural communities and supporting initiatives that serve developmental priorities, in line with the Lebanese Agriculture Ministry’s 2010-2014 guidelines. After signing the contract, Eichhorst celebrated the EU's partnership with Lebanon, confirming that the “EU is a strong supporter of the agricultural development in the country," adding that "the new programme is a unique financial instrument that will contribute in bridging gaps in the agricultural loan market." Eichhorst claimed loans for Lebanese farmers would promote “stability, development as well as the reduction of poverty,” while also creating new job opportunities across the sector. Environmental benefits, such as plant cultivation and tree production, would ensure “sustainability in food security” and promote “profitable and sustainable trade flows,” the EU Ambassador said. Hassan confirmed that the latest round of grants form a three-year funding project by the EU, which will see $14m flooded into Lebanon’s agricultural sector. The Lebanese Minister thanked the EU for "its efforts to support Lebanon in various fields.” Grants, provided in collaboration with Lebanon’s Central Bank, will offer small and medium-scale farmers €35,000 loans which will be repaid over seven years with a six-month grace period. €250,000 will also be offered to farmers in the livestock and tree production sectors.