RIYADH: The Agricultural Development Fund (ADF) of Saudi Arabia has approved a series of financing loans and credit facilities worth SR1.5 billion across various regions of Saudi Arabia, aimed at supporting and developing the agriculture sector and bolstering the nation’s food security.
With these latest approvals, the total amount of loans sanctioned by the ADF by the end of the first half of 2023 has surpassed SR4.2 billion.
During a meeting with the ADF’s board of directors, it was clarified that the facilitations included development loans for small farmers and investments in sectors such as greenhouse vegetable production, poultry farming, fish and shrimp cultivation, cooling warehouses for agricultural products, and processing industries for dates. Additionally, marketing centers for agricultural products were also among the approved initiatives.
Agricultural Development Fund Approves Loans
Furthermore, the board of directors has greenlit a number of loans within the program aimed at financing the import of agricultural products, specifically targeting those identified in the food security strategy. This financing will be provided through operating loans directly from the fund and indirectly in collaboration with commercial banks. The objective is to enhance the strategic stock of agricultural products, which plays a vital role in the nation’s food security initiative and ensures the stability of food supply chains.
The ADF’s continued support and investment in the agriculture sector underline Saudi Arabia’s commitment to strengthening its food security and promoting self-sufficiency in agricultural production. These efforts align with the nation’s broader strategic goals outlined in Vision 2030, which aims to diversify the economy and reduce dependence on oil by developing various sectors, including agriculture.
