Saudi Arabia pledges to dedicate $500 million in the global fight against the virus

Saudi Arabia, the host to the latest series of virtual G20 meetings, has officially pledged to dedicate $500 million to support global efforts to combat the coronavirus pandemic on Thursday.

The Kingdom will allocate $150 million to the Coalition for Epidemic Preparedness and Innovation, $150 million to the Global Alliance for Vaccines and Immunizations, and the remaining $200 million to other international and regional health organizations.

Through highly-anticipated video conference screens, King Salman also encouraged the other G20 members, and any willing NGOs, philanthropies and individuals in the private sector to finance the estimating $8 billion remaining to adequately combat the devastating COVID-19 pandemic.

Saudi Arabia also announced their decision to fine of up to $266,119 (SR1 million) for traders who will attempt commercial fraud during these times. Officials also called on the public to continue reporting cases of these types of corruption, with rewards of up to 25% of the paid fine.