The SRTF is pleased to announce the approval of a third phase of its Revolving Credit Fund (RCF) project in collaboration with Near East Foundation (NEF), today. The “Revolving Credit Fund Phase III: Strengthening Agricultural Resilience and Incomes”, offers technical assistance and agricultural loans to agricultural producers and agribusiness entrepreneurs and value chain actors (producers, processors, wholesalers, private sector) in Ar-Raqqa.
Building on its steady track record, the third phase of this intervention will apply market-based approaches as well as technical and financial assistance designed to help borrowers to reduce barriers to production, increase income generation, growth, and resilience in the face of climate shocks and other stressors, in addition to supporting recovery and climate and economic resilience.
The proposed activities include investment support & loans coupled with technical assistance aimed at the adoption of innovative technologies to fill gaps in the agricultural ecosystem, as well as loans to support creative solutions at the water-energy-food nexus (efficient irrigation, greenhouses, renewable energy systems, cold storage, solar water pumps). This intervention will improve producers’ and value chain actors’ prosperity and resilience in Ar-Raqqa.
With a budget of EUR 5 million, the intervention aims to directly benefit over 800 agriculture producers and agribusiness entrepreneurs, in addition to 22 value chain actors, across 15 communities in Ar-Raqqa over a period of 20 months (two months under the inception phase, 12 months dedicated to implementation and 6 months for monitoring).
The SRTF’s Director General, Eng. Hani Khabbaz, said: “The SRTF is proud of the promising results of the RCF and looks forward to empowering more entrepreneurs, especially in key sectors such as agriculture and food security. Such efforts will not only facilitate the growth and sustainability of small and micro-enterprises, but they will also have a great impact on the entrepreneurial ecosystem in targeted communities. We started the RCF with EUR 1.2 million two years ago, this phase will increase the total funding to the RCF in Northeast of Syria to around EUR 8.3 million.”
Co-President of NEF, Ms. Simona Ceci shared a statement on this occasion: “Thanks to SRTF’s support, we are confident this innovative project will provide farmers and other key stakeholders in agricultural value chains with critically important access to the financial services they need to recover their livelihoods and build their resilience. RCF III’s tailored loan products will ensure that the project’s stakeholders can access improved inputs and the innovative technology they need to ensure sustainable production and cope with the climate crisis”.
Source: Syria Recovery Trust Fund