The Saudi Industrial Development Fund approved 14 loans valued at 2.9 billion riyals ($773 million) to establish nine new projects and expand five existing ones, the official Saudi Press Agency reported, citing Ali Bin Abdullah Al-Ayed, the fund’s director.

The loans include 1.7 billion riyals for the chemical industry, the official news service said.

To contact the reporter on this story: Glen Carey in Riyadh at gcarey8@bloomberg.net

To contact the editor responsible for this story: Andrew J. Barden at barden@bloomberg.net