Saudi Agricultural Development Fund approves loans over $88.8mln

The projects include vegetable cultivation, poultry, and date factories, as well as importing rice, yellow corn and soybeans from abroad

  
Image used for illustrative purpose. Farmers harvest corns on a farm in Al-Kharj, 77 km (48 miles) south of Riyadh December 20, 2013.

Image used for illustrative purpose. Farmers harvest corns on a farm in Al-Kharj, 77 km (48 miles) south of Riyadh December 20, 2013.

REUTERS/Faisal Al Nasser

RIYADH — Saudi Arabia’s Agricultural Development Fund has approved loans worth more than SR333 million to finance 12 projects in a number of regions of the Kingdom and import foodstuffs from abroad.

The projects include vegetable cultivation, poultry, and date factories, as well as importing rice, yellow corn and soybeans from abroad, Saudi Press Agency reported.

These projects come within a package of urgent financial initiatives and measures being launched by the Kingdom to support the private sector and contribute to reducing the economic impact of the coronavirus pandemic.

Commenting on the development, Munir Bin Fahad Al-Sahli, director general of the fund, said that agricultural loans worth more than SR91 million were approved to finance 10 projects within the working capital funding initiative that includes operational loans for vegetable cultivation projects in air-conditioned greenhouses, as well as operational loans for projects in the poultry sector and projects for date factories.

The fund also agreed to finance two loans to import rice, yellow corn and soybean crops from outside the Kingdom as part of an initiative to finance the import of agricultural products worth SR243 million.

 

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