ADF provides over SAR 6B in funding in Q3 2024: Spokesman

Logo of the Agricultural Development Fund (ADF)

Saudi Arabia’s Agricultural Development Fund (ADF) approved the provision of more than SAR 6 billion in financing by the end of Q3 2024, with a target of granting loans worth SAR 7 billion by year-end, Official Spokesman Habib Alshammari said, Al Eqtisadiah newspaper reported.

Alshammari added that these approved loans covered various projects across different sectors, aimed at boosting local production and sustainability, while enhancing food security by ramping up self-sufficiency rates and bolstering agricultural supply chains.

The funded sectors covered fields of red meat production, greenhouse vegetable production, poultry and egg breeding and production, inland aquaculture, cold storage of agricultural products, and agricultural marketing, the spokesman explained.

He added that the funded sectors also included various development loans for small farmers, fishermen, beekeepers and livestock breeders in several regions across Saudi Arabia.

Thes loans, according to Alshammari, are part of ADF’s working capital financing program, in partnership with several banks. This is to import agricultural products targeted in the food security strategy, in a bid to boost their strategic stock and ensure the stability of their supply chains.