The Minister of Environment, Water, and Agriculture and Chairman of the Board of Directors of the Agricultural Development Fund, Eng. Abdulrahman Al-Fadhli, expressed his deep gratitude to the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, and His Royal Highness Prince Mohammed bin Salman bin Abdulaziz, the Crown Prince and Prime Minister, on the occasion of the Cabinet's decision to approve the Agricultural Development Fund By-law.

Al-Fadhli emphasized that the Cabinet's approval reflects the support and attention given by the wise leadership to the agricultural sector. This support contributes to the sector's sustainability by maximizing its resources and services through the provision of various financing products, tools, and methods. It also increases the overall funding for agricultural activities, strengthens partnerships with government agencies and the private sector, and aims to diversify financing products and solutions. These efforts will have a positive impact on the development, growth, and performance of the agricultural sector in the Kingdom. Notably, financial loans have increased from SAR 455 million in 2016 to approximately SAR 7 billion during the current fiscal year.

Al-Fadhli reiterated that the by-law aligns with the strategies of food security, agriculture, and water, and is in line with the objectives of Saudi Vision 2030 and related programs and initiatives. It aims to support sustainable agricultural development, contribute to achieving food security, preserve the environment, and promote the rational use of water resources. This will be accomplished through the provision of loans, credit facilities, and other appropriate financing tools and methods.

Source: Saudi Press Agency