Saudi Invests In Ag

Matt Hopkins Posted by Matt Hopkins|27 January 2009

The Saudi Arabian cabinet established a US $5.3-billion Agricultural Development Fund (ADF), according to a report in the Saudi Gazette. The endowment, which can be increased by the Council of Ministers, was created to about sustainable development of agriculture. It will provide easy loans and credit facilities. Its prime concerns include preserving water resources by rationalizing their use for agriculture, and protecting the environment.

The new fund will replace the Saudi Arabian Agricultural Bank, which was established 45 years ago with the goal of making the country self sustaining in wheat growing. Although the target was achieved, it used much of the country’s available freshwater.

The Initiative aims realize national and international food security, build partnerships with countries that have high agricultural potential, and develop, manage and sustain agricultural investments in several strategic crops for their availability in sufficient quantities and at stable prices.