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.
Live News
-
Mota-Engil Poised for DRC Rail Concession as US and Kinshasa Cement Lobito Strategy
15:53
-
Scatec Commissions Second 60 MW Phase of Mmadinare Solar Plant in Botswana
15:18
-
Zambia Adds New Solar Projects to Stabilize a Hydropower-Dependent Grid
15:05
-
Belife Insurance Takes Strategic Stake in Gozem to Expand Digital Services
14:52
-
Global South Alliance Unveils New Grants to Study Datafication’s Democratic Effects
09:51
-
SA’s Community Wolf Buys Namola to Strengthen Emergency Response Network
09:43
-
Lagos Startup Wins 3MTT Regional Hackathon With Neurodiversity Learning Tool
09:42
-
Cameroon’s Leasing Margins Plunge 73.6% as Sector Activity Slows Sharply
16:53
-
Cameroon’s Mobile Money Industry Accelerates, Topping CFA135.84bn
16:50
-
Officials Reveal Rice Project on Track to Slash Import Bill and Meet Local Demand
15:19
Omer-Decugis & Cie acquired 100% of Côte d’Ivoire–based Vergers du Bandama. Vergers du Band...
Eritrea faces some of the Horn of Africa’s deepest infrastructure and climate-resilience gaps, lim...
Huaxin's $100M Balaka plant localizes clinker production, saving Malawi $50M yearly in f...
Nigeria seeks Boeing-Cranfield partnership to build national aircraft MRO centre Project aims t...
BCEAO keeps key lending rate at 3.25% and marginal rate at 5.25%. UEMOA growth reaches 6.6%...
DFC signals readiness to fund up to $1B for DRC’s Dilolo–Sakania railway rehabilitation. Mota-Engil emerges as leading contender for the...
New 60 MW tranche brings Mmadinare’s total capacity to 120 MW Power will be sold to Botswana Power Corporation under a 25-year PPA Project...
Government launches three major projects: two solar plants and a 330 kV line New capacity aims to ease pressure on a grid that gets about 90% of...
DRC, Chad, and Equatorial Guinea rank as Africa’s most exposed countries in 2025 Only Botswana, Seychelles, and Mauritius fall into the low-risk...
Cameroon’s REPACI film festival returns Dec. 11-13 with 135 short films Events include screenings, masterclasses, panels on social cinema and...
Cidade Velha, formerly known as Ribeira Grande, holds a distinctive place in the history of Cape Verde and, more broadly, in the history of the Atlantic...