Abu Dhabi Development Fund to give USD 400 million to Serbia for agricultural sector

Minister of Finance and Economy Mladjan Dinkic confirmed today that the Abu Dhabi Development Fund had approved $400 million to Serbia for the development of agriculture, it was announced on the Serbian government's website.

He explained that half of these funds would be utilized for the construction of irrigation canals throughout Serbia and the other half for favorable long-term loans to farmers for the purchase of equipment.

An agreement on the approval of these funds will be signed in May and ratified by the Serbian parliament in June, so that the funds could be available to farmers in the second half of this year, he announced.

He said that the goal of the Serbian government was to put at least 100,000 hectares under irrigation as soon as possible, so that domestic agricultural production would not depend on drought and floods.

According to him, this will be beneficial to all farmers in Serbia because a public irrigation network will be made, while fields will be electrified in order to make irrigation cheaper.

Director of the Abu Dhabi Fund for Development Mohammed Saif Al Suwaidi said that he was very satisfied with the meeting with Dinkic and his associates, noting that today’s decision on financial support to the Serbian agriculture was a result of successful cooperation in the past few months.