ADF finances 33 projects to mitigate coronavirus impact

4 months ago 45
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The measures and initiatives taken by the Saudi Arabian government to address coronavirus impact have contributed to mitigating coronavirus impact on the agricultural sector and strengthening food security through Agricultural Development Fund (ADF) support packages worth around SR2 billion and SR450 million.

Since the beginning of the crisis and in line with government efforts to reduce the economic impacts of coronavirus pandemic, the Fund has been keen to support its clients to ensure the continuation of agricultural activities, and to contribute to the continuation of food supply chains and the abundance of agricultural products.

The Fund launched the “Financing the importation of agricultural products targeted in food security strategy’ with a total worth of SR2 billion, and the Fund has approved four contracts worth SR348 million until now. This initiative focused on importing rice, sugar, yellow corn and soybeans from abroad.

With regard to forms of support to its clients, the Agricultural Development Fund has allocated SR300 million for the working capital initiative represented by direct operational loans or through commercial banks, and it has approved financing 29 loans at a total value exceeding SR207 million.

The number of beneficiaries benefiting from postponing the installments of small and medium enterprises projects initiative has reached 4,395, and deferred installments amounted to 4,752 at a total value of SR150 million.

The Fund’s initiatives come in implementation of the directives of the Custodian of the Two Holy Mosques King Salman to work on serving the priorities of development and economic needs, and as a continuation of Saudi Arabia’s efforts to support the private agricultural sector to play its active role in economic development, and contribute to achieving food security.

The Fund calls on all beneficiaries to visit the website (http://e.adf.gov.sa) to request financing products, inquire or for e-services. 

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