Here stands the Agricultural Development Fund ready to help. This is a story of how Saudi Arabia cultivated its agricultural dreams. The Agricultural Development Fund, or ADF, plays a vital role in the Kingdom. It supports and funds enterprises involved in agriculture. This includes poultry, livestock farming, and fishing. The ADF aims to achieve sustainable food security. It also works to preserve the environment and animal resources. Its main office is here in Riyadh.
The Agricultural Development Fund’s story starts earlier. It began as the Saudi Arabian Agricultural Bank. King Saud Bin Abdulaziz Al Saud established it in 1963. For about 50 years, the bank carried out its duties. Then it became a development fund. The Agricultural Bank granted its first loan on January 25, 1963. It was for SAR6,000.
The Agricultural Development Fund is linked to the National Development Fund. The National Development Fund monitors development funds and banks in the Kingdom. Yet the ADF has its own legal status. It also has independent financial control. A board of directors leads the ADF. The Minister of Environment, Water, and Agriculture chairs this board. The board oversees the ADF’s work. It ensures the ADF meets its goals.
Consider the loans granted by the Agricultural Development Fund. The ADF can disburse loans of up to SAR20 million. The loan amount depends on the project’s needs. It also depends on meeting specific terms. The ADF grants direct loans. These include development loans and operational loans. They also include specialized project loans. The ADF helps projects with problems. It works with local banks to offer credit. This finances agricultural products and activities.
Now let’s discuss the tasks of the Agricultural Development Fund. The ADF supports agricultural sector projects. It helps develop them. It invests in projects using modern farming methods. The ADF helps to improve food security in Saudi Arabia. It offers advice to individuals and agricultural enterprises.
Think about the agricultural areas the ADF funds. It supports livestock breeding. It ensures the import of green fodder and wood. The ADF also funds veterinary clinics. It provides funds for date factories and fishing boats. The ADF supports apiculture. This includes movable and immovable apiculture. The ADF funds poultry projects. It also funds shrimp aquaculture. Greenhouse projects get funding too. Dairies production also receive funds. So do feedlot management programs. Even agricultural tourism benefits from ADF loans. This includes funding for tourism in rural farms.
Since its establishment 54 years ago, the ADF has paid $8.8 billion. This has helped emerging and small farmers. In 2018, the ADF allocated $800 million. This promoted sustainable rural development in Saudi Arabia. The Agricultural Development Fund helps build a stronger agricultural future. It ensures that Saudi Arabia’s agricultural sector can thrive. The Agricultural Development Fund helps secure food for generations to come.