The Board of Directors of the Saudi Agricultural Development Fund approved financing loans and credit facilities amounting to SAR 1.7 billion during its second meeting of the current fiscal year. The meeting, chaired by the Minister of Environment, Water, and Agriculture, Engineer Abdulrahman bin Abdulmohsen Al-Fadhli, focused on supporting various agricultural sectors across the Kingdom.
CEO of the Fund, Munir bin Fahd Al-Sahli, detailed that the approved loans include developmental loans for farmers, financing for greenhouse vegetable production, poultry farming, inland fish farming, cold storage facilities for agricultural products, and agricultural product marketing centers. Additionally, loans were approved under the Agricultural Product Import Financing Program, which targets products essential to the Kingdom’s food security strategy. This includes direct operational loans from the Fund and indirect financing in partnership with commercial banks to bolster the strategic inventory of targeted agricultural products and ensure the stability of food supply chains.
Al-Sahli emphasized that the approval of these loans illustrates the Fund’s ongoing commitment to supporting and developing the agricultural sector and enhancing food security by increasing self-sufficiency rates for key agricultural products. This initiative aims to cover agricultural supply chains and supporting logistics services. The total loan approvals for the first half of the current fiscal year have now exceeded SAR 3 billion.
The Board also reviewed the Fund’s performance report for the first half of the fiscal year, progress in various business areas, and reports from its subcommittees, making appropriate recommendations.
The CEO expressed his gratitude to the Kingdom’s leadership for their continuous support and assistance, enabling the Agricultural Development Fund to play its developmental and financial role in achieving agricultural strategy, enhancing food security, and ensuring the availability of food supply chains.
