29 Rabia Al-Awwal 1439AH
The Board of Directors of the Agricultural Development Fund has approved budget of the fund for fiscal year 1439/1440AH “2018” in its meeting with the Minister of Environment, Water and Agriculture, Engineer Abdulrahman bin Abdulmohsen Al-Fadli. The board has also approved several loans worth over SAR 92 million, and total investments worth over SAR 174 million. This makes the total amount of loans approved this fiscal year estimated to be over SAR 613 million. The deputy chairman of the fund, Munir bin Fahd Al-Sahli, explained that the fund’s budget for next fiscal year stresses that support will continue for the agricultural sector through increasing the association to loaning ratio in order to continue supporting and enhancing its role to contribute to achieving food security in accordance with the kingdom’s agricultural policy.
In terms of the projects approved for funding, the poultry broiler sector topped the sectors whose funding was approved by the board in its last meeting, with a total of SAR 76 million, with an investment cost of SAR 153 million. The sector varied between poultry broiler projects using the closed system, the cages system, mother of broiler chicken, as well as greenhouses projects in addition to many other projects. These projects covered several regions across the kingdom, which are Riyadh, Makkah, Tabuk, Asir, and Ha’il.
The board of directors has approved the final credit list which was launched earlier for the public to give their opinions regarding it. It will be in force starting from the second quarter of 2018.Within the framework of funding new fields and products, the board approved funding the importation of green feed which aims to secure the needs of livestock breeders and contribute to providing alternatives for locally-produced green feed. The board also approved funding mobile vegetable carts that aim to generate jobs for Saudi young people who are qualified for marketing agricultural products and reduce the waste of fruits and vegetables, allowing consumers to receive healthy agricultural products after coordinating with the concerned government authorities. The board has also approved supporting and increasing funding the rest of production projects and the projects supporting agricultural projects. The funding increase reached 70%. It is one of the strategic trends of the agricultural sector, in accordance with the kingdom’s 2030 vision. It is an opportunity to apply high technology in the agricultural sector. The fund recently increased the support to 70% in the poultry broilers, greenhouses and aquaculture projects. The board has also reviewed the general performance of the fund until late October 2017, which showed the phases of implementing the business work of 2017. The board has also followed up the work of the fund’s strategic transformation program.
The board has also approved several regulations and authorities of the Internal Audit and Risk Management Administration.
The deputy chairman of the fund extended his thanks and appreciation for the Custodian of the Two Holy Mosques and the Crown Prince for their support to the fund in order to enable it to perform its development role.
The fund is one of the government’s development funds that actively contribute to the development process. It works to perform its role in terms of supporting the ambitions and objectives of agricultural development across several regions in the kingdom, in cooperation with the Ministry of Environment, Water and Agriculture.