RIYADH: Farmers in Saudi Arabia saw their funding from a dedicated investment organization rise by 167 percent year-on-year in the first three months of 2023, it has been revealed.
The Saudi Agricultural Development Fund signed off on development and investment loans worth more than SR2.3 billion ($610 million) from January to March of this year, compared to the SR861 million handed out in the same period of 2022.
The sectors financed range from small farmer and breeders to poultry sector projects in Hail and Asir, as well as the governorates of Shaqra, Al Aflaj, Tathleeth, Nairiyah, Rabigh, Al Ghat, and Al Olaya village.
There was also funding for greenhouse projects in the Makkah Al-Mukarramah region and Al-Muzahimiyah governorate, for breeding and producing fish in inland waters in the Al-Dawadmi governorate, and for marketing agricultural products in the Khamis Mushayt governorate.
The Saudi Agricultural Development Fund has already handed out half as much money as it did throughout 2022, where SR4.2 billion was awarded.
The approval of these loans and funding requests by the fund's General Manager, Munir bin Fahd Al-Sahil, underlines the fund's objective to boost its developmental and financing role for agricultural activity by its strategic objectives.
The approval is also in alignment with the policies of the Ministry of Environment, Water, and Agriculture and the food security strategy in supporting and developing the agricultural sector and related logistical services, assisting in the coverage of agricultural supply chains, and contributing to the enhancement of agricultural supply chains.