RIYADH - The Agricultural Development Fund signed a cooperation agreement with the Saudi Investment Bank in the field of buying and selling commodities (Tawarruq), with the aim of providing new financing options for investors in the agricultural sector, as part of the Fund's financing program in partnership with banks and commercial banks.

The agreement was signed by the Fund's Deputy Director General for Finance Sulaiman bin Abdulwahab Al-Dawish, and the General Manager of Corporate Banking at The Saudi Investment Bank, Majid Fakih.

The agreement aims to enhance the role of the Fund in contributing to the realization of the agricultural strategy through the best means of sustainable financing, and to develop new options for providing credit facilities to the Fund's clients.

In cooperation with the Saudi Investment Bank, by obtaining financing and services in the field of documentary credits and credit facilities, raising the various lending services provided by the Fund, and enabling banks and commercial banks to play the hoped-for developmental role to contribute to financing the activities of the agricultural sector by supporting development programs and agreements between the public and private sectors. Providing facilities and various financial solutions for enterprises of all kinds, small, medium and large, in addition to achieving the ideal partnership between them, and bridging the financing gap in the agricultural sector.

The agreement is part of a series of cooperation agreements between the Fund and commercial banks with the aim of achieving cooperation and partnership in the field of advanced banking services, meeting the needs of the agricultural sector and contributing to achieving food security and the sustainability of natural resources in the Kingdom.