Dairy producers find the 20% interest on the ‘milking cow loan’ too high

In its issue of today, Al Akhbar daily shed light on the so-called ‘milking cow loan’ program launched last week by the BML bank as part of its empowerment initiative to assist farmers in remote areas across Lebanon. The said program supports farmers aged between 21 and 66, and that is including retiree farmers,  in starting up agricultural enterprises that provide them with additional income. The newspaper also pointed out that the imported ‘Holstein’ breed of impregnated milking cows is expected to enter the country, each with an attached ‘passport’ including all the required info about its type, breed history and condition. The price of each cow, Al Akhbar reported, stands at LBP4 million, pointing out that the loan could reach some LBP20 million, which is equivalent to five heads of cattle, at about 20% interest rate. The newspaper talked to a number of cow breeders in the Bekaa area who complained about the high price of the imported cow as compared to the domestic market price which, they stressed, does not exceed LBP2.5 million. This, they explained, includes the necessary vaccines, adding, that the local cows produce an equal amount of milk daily. Likewise, BML general manager, Fadi Daouk, said the high interest cost is largely because of the small size of the loan, while underscoring the low repayment package which will stand at a maximum of LBP115 thousand, including veterinary checkup twice a month.

Al Akhbar, April 27, 2016

 

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BML launches the milking cow program

http://www.weeportal-lb.org/news/bml-launches-milking-cow-program