The Agricultural Development Fund‘s (ADF) board of directors, in a meeting held on Dec. 22 / 2022, ratified the fund’s budget for the fiscal year 2023, which includes a loans financing portfolio worth SAR 6.5 billion.
The board meeting was chaired by ADF Chairman and Minister of Environment, Water and Agriculture Eng. Abdulrahman Al-Fadley.
General Manager of the Agricultural Development Fund (ADF), Muneer Al-Sahli, said the fund’s financing portfolio would reach up to SAR 18 billion in 2023, Al-Eqtisadiah newspaper reported.
The loans approved in 2022 covered imports of agricultural crops targeted in the food security program, poultry projects, greenhouses, aquaculture and foreign investment, Al-Sahli added.
The fund fulfilled this year’s target of providing SAR 4 billion to import agricultural products, in addition to other amounts earmarked for poultry projects, greenhouses, aquaculture.
Al-Sahli explained that these loans are aimed at raising the self-sufficiency levels, contribution to gross domestic product (GDP) and employment rates by creating job opportunities, noting these loans and projects have a clear role on those levels.
Source: Agricultural Development Fund