Ministry gave 1,500 agricultural loans in 2011
Nuri Ismael, Ministry's loans and marketing director, told AKnews that the agricultural banks in Sulaimaniya, Erbil, Duhok provinces as well as Garmiyan area have given a total of 57.465 billion IQD (almost $48.865m USD) to 1,498 projects as loan.
The official did not provide any figures for comparison with the previous years.
Currently the maximum loan is only 100 million IQD ($85,000 USD)- to be repaid in installments.
Ismael added that the Ministry of Finance and Economics has decided to raise the loan to 150m IQD ($127,500 USD).
"But we will try to issue new instructions for obtaining the loans so that more and more farmers can benefit from it," he added.
Agriculture Minister Jamil Suleiman told AKnews in December that the Ministry will hold a conference in January to reconsider and improve agricultural loans which in the past few years have boosted the sector.
At the conference, the minister added, agricultural directors and the director-generals of the agricultural banks will recommend more productive methods for boosting agriculture in the region by virtue of the loan.
Three years ago the Ministry announced a five year strategic plan which aims at regional self-sufficiency in vegetables, grains, diary and meat by end of 2013.
