Today, the Board of Directors of the Agricultural Development Fund convened for its second meeting of the current fiscal year, during which it approved a series of financing loans and credit facilities to various regions across the Kingdom, amounting to over 2.7 billion Saudi Riyals. These initiatives represent a substantial investment cost totaling 4.3 billion Riyals.
Muneer bin Fahd Al-Suhaili, the Fund’s Chief Executive Officer, articulated that the approved loan requests encompass a diverse range of developmental loans aimed at farmers. This includes funding for projects in poultry farming and slaughterhouses, greenhouse vegetable production, aquaculture in inland waters, as well as investments in cold storage facilities and agricultural product marketing centers. Furthermore, loans have been allocated for red meat production and various agricultural industries, alongside additional financing for agricultural import projects that align with the food security strategy. This strategy aims to bolster the strategic reserves of agricultural products and maintain the stability of food supply chains.
By the end of the first half of the current fiscal year, the total value of loan approvals has surpassed 4.6 billion Riyals. This significant funding reflects the Fund’s commitment to enhancing the agricultural sector and strengthening the nation’s food security.
During the meeting, Al-Suhaili reported on the overall performance of the Fund up to the end of May this fiscal year. The board examined a report detailing the developmental, economic, and social impacts of the Fund’s activities in the previous fiscal year. Additionally, the Board approved updated policies governing the Fund’s operations, which include revisions to the cybersecurity policy and the conflict of interest and disclosure policy. Moreover, the Board reviewed reports from its subcommittees and made appropriate recommendations based on their findings.
Al-Suhaili expressed his gratitude and appreciation to the Kingdom’s wise leadership for the continued support and empowerment the Fund receives in fulfilling its role. This support is instrumental in achieving the Kingdom’s agricultural strategy and enhancing overall food security. He expressed a sincere wish for the continuation of stability, prosperity, and welfare in the nation.
The Agricultural Development Fund plays a pivotal role in supporting farmers and agricultural projects across Saudi Arabia. The recent meeting and subsequent loan approvals highlight the Fund’s strategic approach to not only foster growth within the agricultural sector but also contribute to the broader economic well-being of the Kingdom.
Investment in the agricultural domain is essential for establishing a robust framework that ensures food availability, which is increasingly critical in light of global challenges and shifting market conditions. The Fund’s financing models are designed to address these challenges while promoting sustainability and innovation in agricultural practices.
In today’s volatile global market, securing dependable food supplies is an integral part of national policy, ensuring that communities have access to essential resources. The loans approved by the Fund demonstrate a proactive effort to stabilize supply chains, encourage local production, and ultimately fortify the Kingdom’s food security strategy.
As the agricultural landscape continues to evolve, initiatives like these not only support existing farmers but also pave the way for future investment and interest in the sector. By facilitating growth in various agricultural industries—from production to marketing—the Fund is contributing to a cohesive strategy that aligns with national priorities.
The endorsement of these financing options serves not only immediate economic objectives but also long-term societal benefits, enhancing community resilience and economic viability. It reinforces the critical role of agriculture in Saudi Arabia’s economic framework, ensuring that the Kingdom remains well-prepared to meet both current and forthcoming challenges in food security and agricultural sustainability.
