9 JUNE 2016
IMMDF FINANCES US$ 1,7 MILLION EXPANSION OF CORN DRYING PROJECT IN KURDISTAN THAT DIRECTLY BENEFITS 363 SMALL LOCAL FARMERS
On 30 May 2016, IMMDF disbursed a US$ 1,7 million loan to a private sector poultry company in Erbil, Kurdistan, to expand its corn drying operations. The loan will be repaid in monthly installments until December 2019.
The company will use the funds to purchase 20,000 tons of wet corn from 363 small farmers in the area of Erbil, with an average farm size of 10 hectares. By paying the farmers immediately upon delivery of their corn, the company will provide them with the necessary working capital to prepare the next corn or wheat crop. Our loan will therefore contribute to create a sustainable economic environment for those 363 farmers and their families.