Saudi Arabia allocating 2 bln riyals to finance imports of agricultural products

Saudi Arabia’s Agriculture Development Fund said on Tuesday (May 5) it is allocating 2 billion riyals ($533.3 million)  for the financing of agricultural imports.

The funds, to be distributed through direct and indirect loans, is to support food security as the Kingdom faces the economic fallouts of the COVID-19 pandemic, said the authority.

The challenges include maintaining stable food commodity markets to ensure the continuity of supply chains.

The first phase will cover products including rice, sugar, soybeans and yellow corn.

Other products will be added according to market needs and the country’s food security strategy, said the statement from the Fund.

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