The Saudi Fund for Development (SFD) is set to sign agreements totaling 2 billion riyals ($533 million) with several African countries, announced Saudi Finance Minister Mohammed Al-Jadaan at the Saudi-Arab-African Economic Conference in Riyadh on Thursday.
Highlighting the commitment to support nations in need, Al-Jadaan mentioned, “We are working with partners to support Ghana and other countries regarding their debt.” This initiative reflects the Kingdom’s dedication to fostering economic development and stability in the African region.
In a subsequent statement during the same conference, Saudi Investment Minister Khalid Al-Falih revealed that the Public Investment Fund, boasting over $700 billion in wealth, is poised to make “game-changing” investments in Africa. The specifics of these investments were not immediately disclosed, but the announcement signals Saudi Arabia’s strategic interest in contributing to transformative projects across the continent.
Further enhancing diplomatic and economic ties, Saudi Energy Minister Prince Abdulaziz bin Salman inked preliminary agreements with several African countries, including Nigeria, Senegal, Chad, and Ethiopia. These agreements focus on energy-related cooperation, signifying a collaborative effort to address the growing energy needs of these nations.
The Saudi Fund for Development, established in 1974, serves as a pivotal player in advancing the development agenda. Functioning as a financial catalyst, the SFD extends development assistance to developing countries by financing a spectrum of social and infrastructure projects.
As these agreements unfold, the Saudi-Arab-African Economic Conference remains a crucial platform for fostering partnerships and addressing shared challenges, marking a significant chapter in the ongoing collaboration between Saudi Arabia and African nations.