Loans and credit facilities worth more than SR820m ($219m) have been approved by Saudi Arabia’s Agricultural Development Fund, in support of the kingdom’s food security strategy.
Sectors that will receive a boost include farming, veterinarian services and the import of agricultural goods.
The approved proposals also include two initiatives to help these sectors overcome the impact of the Covid-19 pandemic. Small and medium-sized enterprises (SMEs) will receive support, while partnerships with commercial banks will provide direct and indirect financing solutions.
Food security has grown in importance throughout the region during 2020, reports online news platform MEED.
In mid-September, Abu Dhabi government holding company ADQ formed a new company called Silal to boost food security in the UAE.
The company aims to diversify food sources and ramp up locally grown, raised and manufactured produce.