Saudi agriculture fund OKs over $87.8 million loans

Photo/SPA

• The projects include vegetable cultivation, poultry, and date factories, as well as importing rice, yellow corn and soybeans

RIYADH: Saudi Arabia’s Agricultural Development Fund has approved loans worth more than SR333 million ($87.8 million) to finance 12 projects in a number of regions of the Kingdom and import foodstuff.
The projects include vegetable cultivation, poultry, and date factories, as well as importing rice, yellow corn and soybeans.
These projects come within a package of urgent financial initiatives and measures being launched by the Kingdom to support the private sector and contribute to reducing the economic impact of the coronavirus disease (COVID-19) pandemic.
Munir bin Fahad Al-Sahli, director general of the fund, said that agricultural loans worth more than SR91 million were approved to finance 10 projects within the working capital funding initiative that includes operational loans for vegetable cultivation projects in air-conditioned greenhouses, as well as operational loans for projects in the poultry sector and projects for date factories. The fund also agreed to finance two loans to import rice, yellow corn and soybean crops. SPA Riyadh