Riyadh – Mubasher: Saudi Arabia’s Agricultural Development Fund (ADF) has approved SAR 2.688 billion worth of funding during the first nine months of 2020 through 2,275 loans, state-run Saudi Press Agency (SPA) reported on Monday.

This comes as part of the diversified financing initiatives and products provided by the fund to enhance the efficiency of the local agricultural sector and ensure its vital role in supporting the kingdom’s agricultural sector while meeting the needs of farmers and the sector’s investors, hence, contributing to higher production levels.

A total of 2,183 development loans were approved by ADF over the January-September period, in addition to 43 others for small and medium-sized enterprises (SMEs), 17 for the poultry sector, 13 for air-conditioned protected houses, and five for other miscellaneous projects.

Furthermore, the fund granted 11 loans in support of the import of agricultural products targeted in food security. Moreover, two loans were approved for the aquaculture sector and one was granted for agricultural investment abroad.