Saudi Arabia has inked deals totaling $533 million with multiple African countries. These agreements spanned diverse sectors, including energy, infrastructure development, and investments in healthcare.
Signed in Riyadh, the agreements will be facilitated through the Kingdom’s Fund for Development – a governmental institution that provides development, finance, trade and funding support for developing nations.
According to Saudi’s Minister of Finance, Mohammed Al-Jadaan, “Our partnership with African countries is strong and every-growing. In energy, education and agriculture, amongst many others, the Kingdom considers Africa a strong investment destination and partner.”
Additionally, Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), is also preparing to sign deals with African nations. Saudi’s Minister of Investment Khalid Al-Falih explained that, “PIF is looking at Africa with great interest and I believe they will be in due course making some game-changing announcements about their intent to invest in Africa.”
Specifically, PIF is looking at investing in Africa’s critical mineral sector, and while “There is already $75 billion of Saudi investment deployed in Africa,” Al-Falih stated, “We are only scratching the surface given the great potential that we’ve talked about today.”
The Kingdom additionally proposed an additional seat for Africa on the Executive Board of the International Monetary Fund, citing the need for greater participation by the continent in global dialogue.
