Senin, Agustus 04, 2008

$300 million loan to revamp Iraqi agricultural industries

International donors have agreed to lend Iraq $300 million on condition that the money is spent on developing the country’s agricultural industries, Baghdad Chamber of Commerce said in a statement.

The chamber said the donors have entrusted United Nations Industrial Development Organization (UNIDO) whose experts will oversee the rehabilitation of the sector.

The interest-free loan has a 20-year service period and is expected to modernize the country’s agricultural industry.

Iraq used to have one of the world’s most developed date processing industries but the factories involved in date processing have aged and some of them are idle.

Iraq still has the largest number of date palm trees in the world but experts say date yields have receded and the country no longer tops the list of world producers.

The statement said new machinery is to be purchased and there will be new factories in some provinces.

Other agriculture-based industries to benefit from the loan include leather, dairy and vegetable ghee.

The statement said the loan is expected to revitalize the agricultural sector and even lead to a surplus in processed food.
(Azzaman)

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