USD 533 Million Allocated to Fund Saudi Arabia's Agricultural Projects

Saudi Arabia has pledged SAR 2 billion (USD 533.3 million) to help finance agricultural products and ensure food safety in the wake of the current pandemic, according to a statement by the country's Agriculture Development Fund. The initiative will be implemented through both direct and indirect financing facilities, focusing initially on products such as soya beans, yellow corn, rice and sugar.

The statement added that the initiative aims to meet development priorities and economic needs in the context of urgent projects approved by the Government of Saudi Arabia to tackle the impact of the COVID-19 outbreak. The funding is also aimed at mitigating the anticipated impacts on the private sector and economic activities,...