The Saudi Agricultural Development Fund’s (ADF) board of directors approved over SAR 1 billion loans to finance agricultural projects locally and overseas, the Saudi Press Agency reported on Wednesday.
A total of SAR 600 million will be allocated for ordinary loans, as well as specialized projects related to the production of dates and poultry, establishment of greenhouses and slaughterhouses, rehabilitation of agricultural equipment and financing of working capital in partnership with commercial banks.
The finance will also cover setting up a center for promoting agricultural products, equipping fishing vessels, along with other dairy projects across the Kingdom.
ADF will finance an agricultural project for a local firm abroad to produce wheat, barley, grains, and soy beans at a total investment cost of SAR 939 million.
It will also provide SAR 549 million finance – its first loan under the overseas agricultural investment finance program to meet the country’s strategic objectives for food security.
ADF’s board of directors discussed updating the fund five-year strategy.
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