Food-security loans rose 10.4% in 2024

The figures cover investment credit-service loans issued by the Agricultural Development Fund for food-security projects. Total lending increased by 10.4% in 2024, reaching approximately 14.34bn riyals, compared with around 12.94bn riyals in 2023.

Egg-producing chicken projects recorded the strongest annual expansion among the agricultural sectors. Loans to the sector rose from about 195.14m riyals in 2023 to nearly 623.792m riyals in 2024, an increase of 219%.

Broiler-chicken production remained the largest sector by lending volume. Its financing increased by 9.87%, from 4.36bn riyals to approximately 4.79bn riyals. Loans for greenhouse projects rose by 3.82%, reaching about 3.67bn riyals in 2024, compared with 3.53bn riyals the previous year.

Growth was more limited in several other areas. Loans for cow-milk production increased by 2.34%, from 748.1m riyals to about 765.6m riyals. Financing for sheep breeding and fattening rose by 1.56% to 893.4m riyals.

Some sectors recorded no change between 2023 and 2024. Financing for agricultural investment abroad remained at 925.4m riyals, while shrimp farming stayed at 794.1m riyals and fish farming using cage systems remained at 190.5m riyals. The data also showed no reported growth in calf fattening, caviar fish and eggs, fish and shrimp, or fishing boats.

Fish farming was among the sectors that expanded during 2024. Its loans increased by 35.18%, from 190.5m riyals in 2023 to approximately 257.6m riyals in 2024. Red-meat production also appeared among the financed sectors in 2024, receiving loans worth 117.2m riyals.

The figures show changes in the distribution of agricultural lending across food-security projects, alongside unchanged financing in several sectors. The source described the lending data as part of national efforts related to domestic food self-sufficiency, food-source diversification and supply-chain efficiency.