Saudi agricultural development fund approves loans of over SR820mn

Saudi Arabia’s Agricultural Development Fund (ADF) approved a number of loans and credit facilities worth over SR820bn ($221 mn); with an aim to bolster the agriculture sector in the Kingdom through various programs, SPA reported on Monday.

The fund’s board headed by Minister of Environment, Water and Agriculture; Abdulrahman Al-Fadhli endorsed among other plans two initiatives to mitigate the fallouts of coronavirus; through backing up the standing capitals and operational costs of the small and medium-sized establishments.

The board also gave its nod for direct, indirect, and financing of agrarian enterprises, across the Kingdom; in partnership with commercial banks, to import targeted agricultural products included in the food security strategy.

This includes Dates’ production, poultry, and fish breeding, as well as financing to build a veterinarian services’ complex relating to a live-stock cooperative, import of fodders and animal production inputs.

Furthermore, the board approved financing agricultural investment, abroad, with an overall value of SR281mn, targeting planting and exporting some crops.

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