Saudi agricultural development fund approves loans of over SR820mn

Saudi agricultural development fund approves loans of over SR820mn
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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