Riyadh: The board of directors of the Agricultural Development Fund (ADF) on Wednesday held its third meeting of the current fiscal year, chaired by Minister of Environment, Water, and Agriculture, and Chairman of the board Eng. Abdulrahman bin Abdulmohsen Al-Fadley.

ADF Chief Executive Munir bin Fahd Al-Sahli stated that the board approved the provision of over SAR2 billion in loans and credit facilities during the meeting.

He noted that the funds will be allocated across various regions of the Kingdom, including developmental loans and project financing in sectors such as red meat production, poultry (broilers and eggs), vegetable production in greenhouses, fish farming, and cold storage facilities.

Additionally, working capital will be financed in partnership with banks for a program to import targeted agricultural products as part of the food security strategy, aimed at enhancing strategic reserves and ensuring the stability of food supply chains, Al-Sahli said.

He indicated that the board discussed a report on the status of agricultural projects funded by the ADF over the past five years, focusing on their operation, production, and achievement of funding targets.

Moreover, he stated that the board reviewed the ADF’s overall performance report from the beginning of the current fiscal year through the end of August.