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Saudi Loans, Credit Facilities to Support Kingdom’s Agricultural Sector

Saudi Loans, Credit Facilities to Support Kingdom’s Agricultural Sector

Wednesday, 5 August, 2020 - 09:30
View shows the King Abdullah Financial District, north of Riyadh, Saudi Arabia, March 1, 2017. REUTERS/Faisal Al Nasser

The Saudi Agricultural Development Fund (ADF) has approved more than SR337 million ($90 million) in financial loans, facilities, and credit guarantees to support the Kingdom’s agricultural sector.

Munir Al-Sahli, deputy chairman and director general of the ADF, said the loans include a program to support working capital and operational costs in small and medium-sized enterprises.

To mitigate the damage of the COVID-19 pandemic, the fund also supports the importation of agricultural products as part of the food security strategy through loans directly from the fund, or indirectly in partnership with commercial banks.

Other initiatives include financing the first veterinary camel hospital in Saudi Arabia, shelter projects, broiler chicken production, a dried egg powder factory and the provision of guarantees and financial facilities for feed and animal production companies.

The ADF will continue supporting the agricultural sector to achieve food security in line with the Kingdom’s agricultural policy, he said.

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