Saudi fund launches $1bn pandemic stimulus plan to help industry

Saudi fund launches $1bn pandemic stimulus plan to help industry

RIYADH: The Saudi Industrial Development Fund (SIDF) has launched a SR3.7 billion ($1 billion) stimulus plan to support industrial projects affected by the coronavirus pandemic.. The industrial fund will also offer loans to finance the purchase of raw materials for pharmaceutical and medical supplies companies for up to six months.. Plane speaking: IEA says aviation fallout will hold back oil recovery /node/1690896/business-economy. The IEA noted that year-on-year consumption figures have been rising steadily since "Black April" when the lockdown measures were at their peak.. The 21.8 mbd drop in April was pared to an estimated 18.6 mbd reduction in May.. The drop is expected to narrow to 12.9 mbd in June and 7.4 mbd in July.. "For demand, increased mobility indicators in the March-May period provided support: China's strong exit from lockdown measures has seen demand in April almost back to year-ago levels," it said..