Saudi Agricultural Development Fund’s Strategy Approved
The National Development Fund’s (NDF) Board of Directors has approved a strategy by the Agricultural Development Fund (ADF) for a period extending from 2021 till 2025, the Kingdom revealed on Sunday.
The strategy allows the Fund to advance in the roles of sustainable rural development and agricultural supply chains, promote key products and support investment in targeted crops.
Saudi Minister of Environment, Water, and Agriculture Eng. Abdulrahman al-Fadhli, who is also Chairman of the Board of Directors of the Agricultural Development Fund, affirmed that the new strategic goals come in line with the Kingdom’s Vision 2030 and its food security strategy.
He pointed out that the Custodian of the Two Holy Mosques and his crown prince support the environment, water and agriculture system.
The new strategy seeks to lead the transformation process in the Fund for the coming years and maximize its future role, Fadhli explained.
He said this is done through the continued support to the main agricultural sectors targeted in the agricultural strategy, which are poultry, greenhouses and aquaculture and sustainable rural development, expansion through agricultural supply chains and support services to the agricultural sector and the support of the agricultural investment abroad in the Food Security Strategy’s targeted crops.
Among these strategies are maintaining financial balance, enhancing operational efficiency, raising spending efficiency, localizing local content, and achieving the Fund’s development goals, the Minister noted.
He affirmed that the Fund will work to increase the value of lending and update its credit regulations to obtain loans in the future in order to keep pace with the rapid growth in this key sector.
Director-General of the ADF and its Board’s Vice-Chairman Munir al-Sahli said the new strategy is an extension to the former one’s success during the period between 2016-2020, which achieved financial balance and sustainability.
During that period, the Fund managed to achieve financial balance and raise the efficiency of spending by converting a deficit of SAR568 million in 2015 to a surplus of SAR50 million in 2019.
It also increased the total financing for agricultural activities from about SAR450 million in 2016 to about SAR1.9 billion in 2019, Sahli said, adding that it also managed to attain the goals of this distinct financing, qualitative, and operational strategy.