RIYADH: Saudi farmers will have a chance to elevate their standards of living as two of the Kingdom’s leading organizations have reached a deal to enhance developmental and financing support for the agricultural sector.
The Agricultural Development Fund of Saudi Arabia has signed a memorandum of understanding with the Reef National Foundation, the Saudi Press Agency reported.
The MoU aims to increase the efficiency and productivity of farmers, rural families, and craftsmen while enhancing their technical as well as productive capabilities through training programs.
The move is in line with the fund’s objective to boost support for agricultural activity in the Kingdom.
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.
FASTFACT
In June, farmers in Saudi Arabia attained SR1.5 billion ($400 million) worth of funding when the agricultural fund signed off a tranche of development loans. quarter of 2015, when contract values touched SR88.1 billion.
The MoU seeks to ensure the exchange of consultations and data as well as participation in workshops and conferences between the two sides.
In June, farmers in Saudi Arabia attained SR1.5 billion ($400 million) worth of funding when the agricultural fund signed off a tranche of development loans.
According to a statement released at the time, it approved the payouts for small farmers involved in greenhouse vegetable production, poultry breeding, and fish and shrimp farming.
Refrigeration warehouses, date manufacturing, and marketing centers also received financial support.
These measures align with the policies of the Ministry of Environment, Water, and Agriculture and the Kingdom’s food security strategy.
Established in 1961, the Agricultural Development Fund was launched to finance agricultural activities in Saudi Arabia by providing loans to farmers.
On the other hand, the Reef National Foundation aims to work with the Ministry of Environment, Water, and Agriculture to achieve the goals of sustainable rural development and support, develop, and enhance the capabilities of farmers in the Kingdom.
