Saudi Minister of Environment, Water, and Agriculture has revealed the government’s approval to resume granting loans for agricultural investment purposes in areas west of the Kingdom.
This step aims at supporting the development of regions and enhancing food security in the country.
Eng. Abdulrahman al-Fadhli, who is also Chairman of the Board of Directors of the Agricultural Development Fund, has expressed appreciation for King Salman bin Abdulaziz Al Saud and Crown Prince Mohammed bin Salman for lifting the suspension of granting regular loans in the Arabian Shield area.
The leadership issued this decision, which includes areas where renewable water is available according to the comparative advantage of each region.
Director-General of the Agricultural Development Fund Munir al-Sahli said the decision will allow the Fund to provide its financing services and credit products to beneficiaries in these areas, in line with the state’s programs in the agricultural sector and the Ministry’s policies in this regard.
Resuming funding is part of the Kingdom’s effort to achieve balanced economic and social development through the best means of sustainable financing, Sahli noted.
It would also raise efficiency to enhance food security and preserve natural resources to contribute to developing regions and benefiting from the comparative advantages, he added.
The incomes of small farmers, educators and fishermen will be positively affected by this step, Sahli stressed, while qualified Saudi youth in these fields will also be able to find jobs.
The loans to be granted would contribute to food security for sustainable agricultural development, the official said.
He noted that the Fund’s financing of regular agricultural loans covers the needs of ordinary farmers, breeders, fishers, and beekeepers who work in agriculture.
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