Recent government data has shown the resilience of Saudi Arabia’s food system in facing the impact of the new coronavirus pandemic.
The Kingdom’s Agricultural Development Fund (ADF) has succeeded in financing 33 strategic projects and supporting 4,400 farmers in line with securing food supply chains and providing basic food commodities and products.
The government has taken measures and initiatives that contributed to mitigating the impact of the COVID-19 outbreak on the agricultural sector and enhancing the food security system.
This was made through support packages worth SAR2.4 billion ($654 million) provided by the ADF.
Since the beginning of the health crisis, the Fund has rushed to support its clients by contributing to stopping the disruption to food supply, in line with the government’s efforts to reduce the economic impacts of the pandemic.
The ADF’s announced measures included launching a two billion-worth product to “finance the import of agricultural products targeted in food security strategy.”
The Fund has so far agreed to finance four contracts to import agricultural products with a total value of SAR348 million.
This initiative has focused on financing the import of rice, sugar, soybean and corn, with the possibility of adding other products according to the market’s need.
The allocation is made through direct and indirect loans.
The ADF has also allocated SAR300 million for the working capital initiative in the form of direct operating loans or through commercial banks.
It also approved funds for 29 loans with a total value of more than SAR207 million.
