Central bank adds farming under lending programme for banking sector

AMMAN — The Central Bank of Jordan (CBJ) on Tuesday decided to expand its medium-range lending programme to licensed banks for re-lending at competitive interest rates to the agricultural sector. The programme already supports industrial, tourist and renewable energy sectors. The CBJ, in a statement issued on Tuesday, said this procedure aims at supporting economic sector in a way that contributes to economic growth due to the importance of farming in the comprehensive development strategy and in response to the sector’s demand. The CBJ indicated that a total of JD900 million can be disbursed under the programme as the maximum amount that could be extended by each bank is based on 5 per cent of its total direct facilities in Jordanian dinars. This procedure is a continuation of the Agricultural Credit Corporation’s programme in presenting funds to farmers, which is partially financed by CBJ’s loans to the corporation at low interest rates.