The Director General of the Agricultural Development Fund (ADF) Mr. Munir bin Fahd Al-Sahli has launched the new credit bylaw which was prepared in cooperation with Rabobank for Consultations. It was recently approved by the fund’s board of directors after being referred to the public to take their notes regarding it in accordance to the rules to start working according to the new bylaw on 15 Rajab 1439AH, corresponding with 1 April 2018.
Al-Sahli emphasized that the fund has completed all the arrangements and procedures technically required for the enforcement of this bylaw, pointing out that it aims to develop agricultural credit services and organize credit service operations, as well as facilitate the procedures of obtaining credit services from the fund, in addition to increasing the efficiency of funding and applying the best credit practices in feasibility studies and the financial and economic analysis of projects. All of this reduces the risks of obstacles and increases the efficiency of work.
The new bylaw is one of the outputs of the fund’s strategic transformation initiatives that seek to contribute to achieving the agricultural strategy through the best sustainable funding mean. The bylaw also aims to organize all credit operations and practices on which credit decisions are made in the fund. It also aims to organize all the financial and future changes of the agricultural sector, in accordance with the national transformation program and the kingdom’s 2030 vision.