The Saudi Agricultural Development Fund approves financing loans exceeding two billion riyals, distributed across several regions of the Kingdom to strengthen strategic reserves and stabilize food supply chains.

The Board of Directors of the Agricultural Development Fund held its third meeting for the current fiscal year, chaired by the Minister of Environment, Water, and Agriculture and Chairman of the Board, Abdul Rahman bin Abdul Mohsen Al-Fadhli.

The CEO of the fund, Munir bin Fahd Al-Sahli, explained that during the meeting, the board approved the provision of financing loans and credit facilities worth more than two billion riyals in several regions of the Kingdom. These loans included development loans and project financing in various sectors to boost local production and sustain food security. Key areas of focus included red meat production, broiler and egg poultry production, vegetable production in greenhouses, fish farming and production, as well as cold and frozen storage warehouses. In addition, working capital financing was provided in partnership with banks for the import of several agricultural products targeted in the food security strategy to enhance strategic reserves and ensure the stability of food supply chains.

He also noted that the board discussed a report on the state of agricultural projects funded by the fund over the past five years, in terms of operation, production, and the achievement of funding goals. Additionally, the board reviewed a performance report for the fund from the beginning of the fiscal year until the end of last August, according to "SPA."

Al-Sahli further stated that the fund's board was briefed on a presentation regarding updates to some of the fund’s regulations and also reviewed reports from its subcommittees, making appropriate recommendations in response.

Source: https://www.alarabiya.net/