Saudi Arabia to Invest $41bn in Sub-Saharan Africa Over Ten Years
Tuesday, 29 October 2024 13:54
The package includes $25 billion in direct investments from private companies, along with funding for startups and loans.
Saudi Arabia announced plans to raise $41 billion in investments and financing for Sub-Saharan African nations. This commitment was revealed by Saudi Finance Minister Mohammed bin Abdullah Al-Jadaan at the Future Investment Initiative New Africa Summit in Riyadh, attended by private investors and representatives of major funding bodies.
According to Al-Jadaan, the $41 billion includes a $1 billion regional development initiative, $5 billion in funding dedicated to African startups, and $10 billion in financing from the Saudi Export-Import Bank (Saudi EXIM Bank). $25 billion will also be invested by Saudi Arabia's private sector.
Al-Jadaan also shared that a coalition of Gulf-supported regional funding bodies is preparing to grant African nations a combined $50 billion in loans by 2030. This coalition, known as the Arab Coordination Group (ACG), includes the Saudi Fund for Development, Abu Dhabi Fund for Development, Arab Bank for Economic Development in Africa, Arab Monetary Fund, and the Islamic Development Bank.
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