15/07/2020
In a virtual meeting organized by the Asharqia Chamber
Agricultural Development Fund allocates 2 billion riyals to support food security in the Saudi market
The Director of the Lending Department of the Agricultural Development Fund Branch in the Eastern Region, Engineer Abdulaziz bin Abdullah Al-Sulaiman, explained that during the Corona pandemic period, the Fund has adopted several initiatives, some of which are related to supporting the private agricultural sector, especially small and medium enterprises, and some are in direct relationship with the state’s decisions to support efforts to preserve Food security, especially at this time .. Ample funds have been allocated to support these initiatives.
Al-Sulaiman said during a direct meeting organized by the Asharqia Chamber represented by the Agricultural and Food Committee and moderated by the Chairman of the Committee, Mohammed bin Nasser Al-Dayel (Wednesday, 15 July 2020) that the first initiative is titled "Supporting Working Capital" and aims to support agricultural activities by providing direct operational loans or indirectly through commercial banks by the financing agreements in partnership with it, according to this initiative, 39 loans were disbursed with a total value of 234 million riyals out of 450 million riyals allocated for this purpose.
He mentioned that this initiative corresponds to (the second initiative), which is "the initiative to postpone installments" and debts owed to loans for projects specializing in the small and medium enterprises sector for a period of six months, and about 4398 beneficiaries benefited with a premium of 150 million riyals ... indicating that support through these two initiatives It works to help small and medium enterprises and stand with them in facing the repercussions of the crisis, and contributes to mitigating the economic and financial implications of tha t.
As for the third initiative, Al-Sulaiman said that it relates to "financing the import of agricultural products targeted at food security", which aims to contribute to supporting the continuation of food supply chains and the abundance of agricultural products, in line with government efforts to reduce the effects of the Corona pandemic, and two billion have been allocated Riyal for this initiative through a mix of direct and indirect loans, within the various financing products offered by the fund, and within the vital role of the fund at this stage. He pointed out that this initiative relates in its first phase to "rice, sugar, soybeans and yellow corn" products, and other products will be added according to the market needs and food security strategy. Under that, 4 loans worth 347 million riyals were disbursed .
