African Nations To Sign Deals Worth Over $500 Million With Saudi Arabia
African countries are set to benefit from agreements worth $533 million from the Saudi Fund for Development. Mohammed Al-Jadaan, Saudi Finance Minister said this on Thursday during the Saudi-Arab-African Economic Conference in Riyadh.
Jadaan said the Fund was working with partners to support Ghana and other African countries regarding their debt.
Later at the same conference, Khalid Al-Falih, the Saudi Investment Minister said the kingdom’s over $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.
The Saudi Fund for Development (SFD)
The Saudi Fund for Development (SFD) was established by the Royal Decree No. (M / 48) as a government organization that provides soft loans and grants to finance development projects and programs in developing countries. This support is provided by the Kingdom to enhance economic and social growth. To improve the living standards of disadvantaged communities and support countries most in need, SFD works to finance projects to achieve sustainable development goals and enhance the effectiveness of development aid through partnerships and cooperation with regional and international organizations. .
The Saudi-Arab-African Economic Conference in Riyadh
The Saudi government is hosting several leaders, decision-makers, and officials from Arab and African countries during the Saudi-Arab-African Economic Conference, which began Thursday.
Riyadh will host the economic conference activities, with the participation of financial, business, and investment leaders from the government and private sectors, trade federations, international organizations, and prominent figures in academic circles and think tanks.
Finance Minister Mohammed al-Jadaan confirmed that the Royal endorsement for the conference reflects the Kingdom’s keenness to consolidate its relations with the African continent, which is one of the most important axes for the future of the global economy.
It also comes as an extension of the Kingdom’s efforts to enhance economic cooperation and coordination and benefit from the available investment opportunities.
Jadaan explained that the conference aims to consolidate the foundations of the Saudi, Arab, and African partnership in several economic and investment aspects, including achieving food security, strengthening agricultural, industrial, mining, and commercial partnerships, and concluding new alliances between African and Saudi entities.
It also aims to create a platform for exporters and importers from both sides and to review opportunities for cooperation in the energy sector and its sustainability to enable and enhance economic growth.
The minister added that the conference also seeks to provide a platform for international and regional development banks, institutions, and funds whose ideas and projects can be explored through dialogues and discussions that will be addressed within the conference activities.
It will also constitute an opportunity to highlight the attractiveness of the investment environment in Saudi Arabia and the African countries.
The conference activities include seven sessions, with the participation of several leaders and decision-makers in the economic, financial, and investment sectors.
It will shed light on various topics, such as the role of sustainable energy partnerships and their importance in facilitating access to energy sources.
The Saudi government is making broad moves to enhance investment opportunities for the Kingdom and Arab countries.
Last June, the Kingdom hosted the Arab-Chinese Businessmen Conference, the largest economic gathering with over 3,500 decision-makers and senior officials.