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
-
Nigeria Calls on NNPC Ltd to Bid for New Oil Blocks
18:50
-
Africa’s Two-Wheel Motorcycle Market Expands as Cities Face Safety and Price Pressures
18:28
-
U.S. Commits $156 Million to Strengthen Burundi’s Health System Over Five Years
18:21
-
South Africa to Withdraw MONUSCO Troops by End-2026
18:02
-
Cameroon municipalities defend CFA21.4bn solar streetlight project amid controversy
17:58
-
Cameroon names first five companies to support industrial expansion
17:45
-
Africa Looks to India as Digital Governance Partnerships Expand
17:09
-
Gabon Partners With UAE’s Presight to Deploy AI in Public Administration
17:04
-
Cameroon audit flags high rental costs weighing on state debt recovery firm
16:24
-
Togo Launches Preparations for Third National Household Living Conditions Survey
16:08
Except for Tunisia entering the Top 10 at Libya’s expense, and Morocco moving up to sixth ahead of A...
Oil majors expand offshore exploration from Senegal to Angola Gulf of Guinea accounts for about 1...
Deposits grow 2.7%, supporting lending recovery Average loan sizes small, credit risk persists ...
Visit scheduled from February 4 to 6, 2026, at the invitation of President Hakainde Hichilema Tal...
The BCEAO granted Semoa a level-3 “full service” payment institution license on January 27, 2026...
Nigeria launched a 50-block oil licensing round in December 2025 and eased financial terms in January 2026. The upstream regulator urged state-owned...
Africa’s two-wheel motorcycle market should reach $5.55 billion in 2026 and $7.29 billion by 2031, driven by urbanization and informal...
The United States committed $156 million to Burundi’s health sector over five years under a new memorandum of understanding. Burundi must...
South Africa decided to withdraw more than 700 troops from the UN mission in the Democratic Republic of Congo by end-2026. Pretoria cited the...
Essaouira is a coastal city in Morocco, on the Atlantic Ocean, in the Marrakech–Safi region, about two and a half hours by road from Marrakech. It stands...
The Pan African Film & Arts Festival (PAFF) will run from February 7 to 22, 2026, in Los Angeles, positioning itself as a major soft power platform for...