The SRTF’s Revolving Credit Fund Phase III Begins Agricultural Loans Disbursal in Northeast Syria
Ar-Raqqa – Saturday, 23 September 2023 – The SRTF announced the start of the disbursal process of agricultural loans to approved eligible borrowers under its intervention, “Revolving Credit Fund Phase III: Strengthening Agricultural Resilience and Incomes”, in Ar-Raqqa, Northeast Syria.
This follows outreach verification visits, which started at the beginning of last month and will resume for the next two months at least. The agricultural loans will be provided to 800 agricultural producers and agribusiness entrepreneurs. Additionally, 22 value chain actors will receive innovation loans. Borrowers who applied have been evaluated and some have been verified as eligible and creditworthy throughout the verification visits. Those who were deemed eligible to receive the loans have received training on market-based approaches prior to receiving the loans.
The types of loans offered to borrowers under this intervention are firstly ‘agricultural loans’, which aim to enable producers and agribusiness entrepreneurs to access high-quality inputs and adopt innovative technologies to fill gaps within the agricultural ecosystem. Secondly, ‘innovation loans’, aim to support creative solutions at the water-energy-food nexus, including effective irrigation, renewable energy systems and solar water pumps. This will improve resilience and prosperity for producers and value chain actors in Ar-Raqqa.
Combining market-based approaches under this intervention through technical and financial assistance will aid borrowers in reducing barriers to production, improving income generation, supporting themselves in climate and economic resilience and recovery, and increasing growth and resilience in times of climate shocks.
Latifa, a farmer beneficiary, told the SRTF: “I am a farmer. I took the loan so I can invest in my land and to purchase fertilisers, seeds, fungicides and so on. You have helped us a lot and hopefully we will benefit and are able to harvest. Now we can keep all the profit from the harvest to ourselves, feed our children, buy things for our homes, and do whatever we want with it. We are very grateful for you and your help. They also taught us how to farm and plant our lands.”
Mahmoud, a beneficiary farmer, told the SRTF: “We are a family of 10 and I am the bearer of the household. We would like to thank the centre as this is the first successful project supporting farmers I have seen in the area. We used to struggle with borrowing loans from others, especially from business owners, so these [RCF] loans have helped us. We are now able to buy the items we need, and this allows me to develop as a person. I am now able to use sprayers which saves me from buying costly diesel, and saves me from maintenance time and labour work. We can buy fungicides now with the money that remains, to improve our harvest. We thank you all for this great support.”
With a budget of EUR 5 million, this intervention is expected to benefit 800 agriculture producers and/or agribusiness entrepreneurs, as well as 22 value chain actors, in 15 communities across Ar-Raqqa, over its duration period of 20 months, including two months as the inception phase and six months for post-implementation monitoring and evaluation. Thousands of other individuals will benefit within those communities as agricultural value chains are strengthened and loan funds are revolved.
For more information on this intervention, visit:
Revolving Credit Fund Phase III: Strengthening Agricultural Resilience and Incomes
For more information on the SRTF visit:
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