Agriculture Development Fund has earmarked SR2 billion to support Saudi Arabia's agriculture sector and for imports of food supplies from abroad, the fund said in a statement on Tuesday. "This initiative ... (aims) to meet development priorities and economic needs within the urgent initiatives approved by the Saudi Government to address the impacts of the novel Coronavirus (COVID-19)," the statement said. The initiative, which is part of the government's efforts to ensure food security amid the outbreak of coronavirus pandemic, will be carried out through direct and indirect loans. In the first phase, the fund will target products including rice, sugar, soybeans and yellow corn. Other products will be added according to market needs and for food security, the statement added. The fund also granted agriculture loans worth SR60 million to finance a variety of projects. Munir Bin Fahad Al-Sahli, director general of the fund, said agricultural loans worth SR131 million were approved to finance 26 projects to grow vegetables in greenhouses, and projects in the poultry sector. "A large portion of these loans comes as a part of the Fund's initiatives to combat the impact of the coronavirus and mitigate the anticipated economic impacts on the activities of the private agricultural sector," Al-Sahli said. "The loans are aimed at enhancing the efficiency of the local agricultural sector, achieving food security, and ensuring the continuity of supply chains and the abundance of the supply of agricultural products and food commodities." — Agencies
