RIYADH: The Saudi Cabinet, chaired by King Salman at Al-Salam Palace in Jeddah on Tuesday, approved the Agriculture Development Fund bylaw to help boost farming to ensure food security in the Kingdom, the Saudi Press Agency reported.
Abdulrahman Al-Fadhli, minister of environment, water, and agriculture, who is also chairman of the ADF, expressed his gratitude to King Salman and Crown Prince Mohammed bin Salman for approving the amended system of the ADF system, affirming that the Cabinet’s approval embodies the leadership’s keenness to achieve the goals of agricultural development and food security.
He said that the support of the wise leadership to the agricultural sector contributes to its sustainability, maximizing its resources and services by providing many financing products.
The minister said the amendment will help increase the total funding for various agricultural activities.
Al-Fadhli pointed out that the modified system would reflect positively on the performance of the agricultural sector, which is already witnessing impressive growth. He said the development in the sector could be gauged through the fact that financing loans in the sector increased from SR455 million ($121 million) in 2016 to nearly SR7 billion during the current fiscal.
He stressed the amendments will help the Kingdom achieve its food security goals as outlined in Vision 2030.
Al-Fadhli said the ADF will continue to work to achieve its goals and support agricultural activity to contribute to the Kingdom’s economic development.
Saudi farmers will have a chance to elevate their standards of living with the ADF having recently signed a memorandum of understanding with the Reef National Foundation, to increase the efficiency and productivity of farmers, rural families, and craftsmen while enhancing their technical as well as productive capabilities through training programs.
Under the terms of the deal, the two parties will also work to implement and operate targeted initiatives and projects to ensure the development and sustainability of the sector.
