 
							
			
			
			
		 Tuesday, 29 October 2024 13:54
	  		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.
 19:26
                19:26
                             19:12
                19:12
                             19:05
                19:05
                             19:00
                19:00
                             13:14
                13:14
                             12:08
                12:08
                             09:57
                09:57
                             09:16
                09:16
                             09:11
                09:11
                             09:06
                09:06
                            Wave launches Wave Bank Africa in Côte d'Ivoire with $32M capital Move follows €117M fu...
 
        Sonatel is a major telecom company in West Africa that investors trust, offering steady growth and...
 
        Cameroon's Constitutional Council declared Paul Biya the winner of the presidential election, secu...
 
        ECOWAS will integrate AI into its early warning systems to strengthen crime prevention and intelli...
 
        With its presidential election set for tomorrow, October 25th, Côte d’Ivoire is entering a decisive ...
 
        Shelter Afrique to provide $10M credit facility to CRDB Bank for DRC housing Deal includes advisory support to strengthen housing finance and...
DRC reports illegal Dangote cement imports via Linda and Bouming ports Trade minister calls for investigation, urges tighter controls on cement...
OVHcloud tech to be deployed in data centers in Côte d’Ivoire, Gabon, Cameroon Deal supports secure local data hosting, AI, and regional digital...
African airlines lead with 14.7% cargo volume growth in September 2025 Africa-Asia routes drive gains; cargo capacity up 7.4% year-on-year Global air...
UBA to host final “Business Series 2025” on content-driven growth, Nov. 6 Event targets SMEs, creators with strategies for influence and brand...
The Eyo Festival, also known as the Adamu Orisha Play, stands among the most iconic cultural events in Lagos, Nigeria. This traditional Yoruba procession,...