RIYADH — The Agricultural Development Fund (ADF)’s board of directors approved a number of financing loans and credit facilities worth SR1.5 billion in several regions of Saudi Arabia to support and develop the agriculture sector and strengthen Saudi food security.
With this step, the total amount of loans approved by ADF until the end of the first half of 2023 has reached more than SR4.2 billion.
ADF clarified during a meeting with its board of directors that the facilitations included development loans for small farmers, and others in the sectors of vegetable production in greenhouses, poultry, fish and shrimp farming, cooling warehouses for agricultural products and processing industries for dates, in addition to marketing centers for agricultural products.
The board of directors has also approved a number of loans within the program to finance the import of agricultural products targeted in the food security strategy by financing operating loans directly from the fund and indirectly in partnership with commercial banks to enhance the strategic stock of agricultural products targeted in the food security initiative. Additionally, to ensure the stability of food supply chains.
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