Riyadh – Mubasher: Director General of the Saudi Agricultural Development Fund (ADF), Munir bin Fahd Al-Sahli, said the fund has signed agreements valued at SAR 2.5 billion with five banks so far.

In an interview with CNBC Arabia, Al-Sahli said there is a major financing gap in the agricultural sector that cannot be bridged by the ADF alone.

Moreover, he pointed out that ADF’s investments abroad are linked to food security, noting that the fund’s portfolio, which focuses on eight products, reached SAR 1 billion and that 50% of the production should be exported to the kingdom.

Since 2016, loans provided by the ADF leapt by 300% to exceed SAR 3.7 billion in 2020. Part of these loans aimed at gauging the Covid-19 pandemic effects.