The Minister of Environment, Water and Agriculture, the Chairperson of the Agricultural Development Fund (ADF), Eng. Abdulrahman bin Abdulmohsen Al-Fadli, headed the meeting of the fund’s board of directors yesterday. The Deputy Chairperson of the Fund and the Director General of the Fund, Mr. Munir bin Fahd Al-Sahli, explained that the Fund has approved funding several agricultural projects worth over SAR 55 million, with total investment worth over SAR 120 million.
He went on to explain that the projects approved to be funded included the sector of poultry broilers, worth over SAR 21 million, with investment costs of over SAR 61 million. Additionally, funding greenhouses for vegetables production cost over SAR 61 million. Within the framework to fund new fields and products, the board has approved, for the first time, funding indirect working capital in partnership with commercial banks to fund marketing and exporting Saudi dates into global markets with a cost of SAR 11 million. The fund has also approved funding other agricultural projects that covered several regions in the kingdom.
Moreover, during the meeting, the general performance of the fund during the past fiscal year (1438-1439AH) 2017 was discussed, especially the financial indexes and achieving financial balance as well as working towards the strategic transformation initiatives of the fund to ensure they are implemented according to a specific timetable. The board has also approved the 54th annual report of the fund for fiscal year 1438/1439AH/2018. It showed that total approved loans for the past year exceeded SAR 617 million, with 36% increase compared to the past year, bringing the total amount of offered loans since the fund's establishment until last year to SAR 49 billion.
The board reviewed the work of the committees emanating from it and their annual reports, as the board directed them towards what it saw necessary.
The Deputy Chairperson 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.
Noteworthy, the ADF works in accordance with its approved strategy according to a specific timetable, in accordance with the strategy of the Ministry of Environment, Water and Agriculture, in order to contribute to implementing the 2020 National Transformation program and KSA’s 2030 vision which are expected to achieve food security through a strategy laid out by the fund’s board which was tailored for the upcoming period to develop the agricultural sector, eventually leading to agricultural development.