Kuwait Times, Wednesday, Mar 22, 2023 | Sha'ban 30, 1444
Saudi Arabia’s Agricultural Development Fund approves $610m in investment loans
Farmers in Saudi Arabia saw their funding from a
dedicated investment organization rise by 167 percent year-on-year in the first
three months of 2023, it has been revealed.
The Saudi Agricultural Development Fund signed off on development and investment
loans worth more than SR2.3 billion ($610 million) from January to March of this
year, compared to the SR861 million handed out in the same period of 2022.
The sectors financed range from small farmer and breeders to poultry sector
projects in Hail and Asir, as well as the governorates of Shaqra, Al Aflaj,
Tathleeth, Nairiyah, Rabigh, Al Ghat, and Al Olaya village.
There was also funding for greenhouse projects in the Makkah Al-Mukarramah
region and Al-Muzahimiyah governorate, for breeding and producing fish in inland
waters in the Al-Dawadmi governorate, and for marketing agricultural products in
the Khamis Mushayt governorate.
The Saudi Agricultural Development Fund has already handed out half as much
money as it did throughout 2022, where SR4.2 billion was awarded.
The approval of these loans and funding requests by the fund's General Manager,
Munir bin Fahd Al-Sahil, underlines the fund's objective to boost its
developmental and financing role for agricultural activity by its strategic
The approval is also in alignment with the policies of the Ministry of
Environment, Water, and Agriculture and the food security strategy in supporting
and developing the agricultural sector and related logistical services,
assisting in the coverage of agricultural supply chains, and contributing to the
enhancement of agricultural supply chains.