Khartoum (Sudanow) – The net profit of the Arab Authority for Agricultural Investment and Development (AAAID) for the fiscal 2021 has reached 26.1 million US dollars, the Authority announced.
The annual meeting of the Arab Financial Institutions and the 46th meeting of the AAAIA Board of Shareholders, held on April 7, 2022 in Jeddah, Saudi Arabia, revealed that the shareholders’ equity rose to 1.01 billion US dollars.
The Sudan-based Arab Authority for Agricultural Investment and Development is a pan-Arab financial investment institution specialized in agricultural investment within Arab member states. It aims to achieve sustainable development in Arab agricultural sector by establishing agricultural companies and creating private sector partnerships.
AAAID's offshoot companies span in 12 Arab member states. Its investment in Sudan represents 64.26% of the AAAID’s investments, followed by Egypt 6.61%, in the Sultanate of Oman 5.85%, the UAE 5.37%, Iraq 4.11%, and KSA 3.29%.
Established in 1976, the Authority has achieved many of the set goals including localization of agricultural technologies, improvement of agricultural production quality and expansion of the agricultural sector.
During the Jeddah meeting, Mr. Muhammad Obaid Al Mazrouei, Chairman of the AAAIA Board of Directors reviewed the achievements of his organization for the fiscal 2021 indicating that investment program of the authority for the year 2022 was prepared in the light of the directives of the strategic plan for agricultural investments of the authority for the period 2021-2025.
The program includes investment in new projects, increasing the capital of some companies, rehabilitating and expanding programs for some existing companies and financing revolving loan programs for small and medium farmers in a number of from Arab states.
Al Mazrouei added that the value of investments in existing companies and projects under establishment and implementation amounted to about 662 million US dollars, i.e 91% of the Authority’s paid capital, and these investments include 53 companies specialized in the production of basic food commodities production, targeting to fill the Arab food gap.
He explained that the authority, in the field of development programs and the transfer of modern agricultural technologies, implemented about 40 development programs, raising the number of beneficiaries of these programs to 77,423.
A significant increase of 150% in crop productivity was achieved as a result of the use of modern agricultural packages, Al Mazrouei said. These programs also contributed to the development and expansion of cultivated areas.
He explained that the Authority has organized a number of events in 2021 in the Arab countries and workshops to promote available agricultural investment opportunities. The Authority also participated in a number of Arab and international conferences, seminars, forums and exhibitions, which resulted in the signing of a number of agreements and memoranda of understanding.
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