Riyadh, August 29, 2023, 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, received heartfelt thanks from Eng. Abdulrahman Al-Fadhli, Minister of Environment, Water, and Agriculture and Chairman of the Board of Directors of the Agricultural Development Fund, on the occasion of the Cabinet's decision to approve the Agricultural Development Fund By-law. Al-Fadhli noted that the Cabinet's decision shows that the wise leadership supports and pays attention to the agricultural sector. By leveraging its resources and services through the provision of different financial products, techniques, and methodologies, this support helps the sector remain sustainable. Additionally, it boosts overall support for agricultural operations, strengthens collaborations with public and private organizations, and attempts to expand the range of available financing options. These initiatives will benefit the Kingdom's agriculture sector's growth, development, and productivity. Financial loans have significantly expanded, rising from SAR 455 million in 2016 to over SAR 7 billion in the current fiscal year. Al-Fadhli reaffirmed that the by-law is in line with the goals of Saudi Vision 2030 and associated programs and initiatives, as well as with the strategies of food security, agriculture, and water. It aims to aid in the development of sustainable agriculture, help achieve food security, protect the environment, and encourage the wise use of water resources. The supply of loans, credit facilities, and other suitable financial tools and procedures will be used to achieve this.
