ADF approves SAR 735M credit facilities in Q4

Logo of Agricultural Development Fund (ADF)

The Agricultural Development Fund's (ADF) board of directors, chaired by Minister of Environment, Water and Agriculture Abdul Rahman Al-Fadhli, approved a number of development and investment loans during the fourth quarter of 2023, at a value exceeding SAR 735 million, according to a statement.

The total loans approved by the fund during this year amounted to nearly SAR 6.5 billion, Saudi Press Agency reported.

The extended facilities varied between various development loans for farmers in several regions throughout the Kingdom and investment financing in multiple sectors, including poultry projects and protected homes, said ADF's Vice Chairman Munir bin Fahd Al-Sahli.

He added that the facilities also included raising and producing fish in inland waters, manufacturing dates and their processing derivatives, financing cold storage warehouses, in addition to financing the import of agricultural products, and financing a red meat production project as part of the agricultural investment program abroad.

The fund's ADF also approved the annual objectives and operating budget, as well as the business plan and objectives for the next fiscal year. It also reviewed the fund's general performance report until the end of December 2023, according to the official.