RIYADH – The Saudi Fund for Development will sign agreements worth 2 billion riyals ($533 million) with African countries, Saudi Finance Minister Mohammed Al-Jadaan said on Thursday during the Saudi-Arab-African Economic Conference in Riyadh.
“We are working with partners to support Ghana and other countries regarding their debt,” Jadaan added.
Saudi Investment Minister Khalid Al-Falih later said at the same conference the kingdom’s more than $700 billion wealth fund, the Public Investment Fund, will make some “game-changing” investments in Africa.
Saudi Energy Minister Prince Abdulaziz bin Salman, also at the conference, signed preliminary agreements with African countries, including Nigeria, Senegal, Chad and Ethiopia on energy-related cooperation.
Mozambique’s finance ministry issued a statement later in the day saying it had signed a financing agreement of $158 million with the Saudi Development Fund for infrastructure projects including the construction of hospitals and a dam. ($1 = 3.7511 riyals)
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Saudi-African background
Saudi-African relations, spanning decades, encompass diverse collaborations in politics, economics, and culture.
To fortify ties, 16 joint committees, two coordinating councils, and seven business councils were established, resulting in over 250 cooperation agreements.
Saudi Arabia, a key player in global security, actively contributes to stability, conflict resolution, and counterterrorism efforts in Africa.
Notable achievements include the Jeddah peace agreement between Ethiopia and Eritrea and hosting talks for Sudanese conflict resolution.
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The Kingdom’s economic engagement in Africa, including projects by the Public Investment Fund totaling SAR 15 billion, underscores its commitment to fostering development.
Humanitarian efforts, such as evacuating citizens from Sudan and substantial aid through KSrelief, highlight Saudi Arabia’s dedication to the well-being of African nations.
The upcoming Saudi-African Summit in Riyadh signals the Kingdom’s pursuit of broader partnerships and its commitment to international goals, aligning with Vision 2030 objectives.
*Additional reporting by Saudi Press Agency
