Public Management

AFD and Saudi fund to invest €200 million to develop projects in Sahel

Thursday, 12 April 2018 15:05

The French Development Agency (AFD) and the Saudi fund for development announced yesterday April 11, they will jointly invest €200 million in African projects, especially in the Sahel region.

We’ve signed a memorandum of cooperation with the Saudi fund for development, for a strengthened cooperation, a strategic dialog, co-financing, but also €100 million from each partner to develop projects in Africa especially in Sahel,” AFD indicated in a statement.

This Memorandum of cooperation was initiated during the Saudi prince Mohammed bin Salman‘s visit to France.

As leaders in development, Saudi Arabia and France will jointly work to better meet development needs in Sahel,” said Ahmed Al Khateeb, chairman of the Saudi Fund, quoted in the statement.

During a joint press conference with Mohammed bin Salman, the French President Emmanuel Macron announced a strengthening of both countries’ cooperation in the Sahel, in addition to providing support to the G5 Sahel regional anti-jihadist force (in Mauritania, Mali, Chad, Niger and Burkina Faso).

Saudi Arabia has not only committed itself alongside France to support G5 Sahel member countries and funding their joint armed forces, but has also announced it will double the effort to support development initiatives in the region under the Alliance for the Sahel. By doing this, the Kingdom is sharing our strategic vision to establish a military and a development component to help our partners in the Sahel,” he said.

Let’s note that the Sahel, stretch of land at south of the Sahara from Mauritania to central Sudan, hosts a mosaic of jihadist movements against which five states in the region have set up, with the support of France, joint combatant units of 5,000 soldiers. For this purpose, Riyadh had already announced in late 2017, a commitment of €100 million to support the new regional anti-jihadist force.

Additional Info

  • communiques: Non
  • couleur: N/A
On the same topic
• IFC teams up with AfDB and Nigeria’s EbonyLife to assess a new fund for African cinema• Sector could grow to $20 bln annually and create 20 mln...
• BRICS plans a guarantee fund to reduce political and financial risks in developing countries.• The fund will be managed by the New Development Bank...
BEAC granted Afreximbank the first-ever foreign access to the CEMAC public securities market. Cameroon raised $359.3 million via a...
(EBID) - The Board of Directors of the ECOWAS Bank for Investment and Development (EBID) held its 92nd Ordinary Session on June 30, 2025. The Board...
Most Read
01

• Global coffee consumption projected to hit a record 169.4 million 60-kg bags in 2025/2026, up from...

Coffee: Global Consumption Expected to Reach Record Level in 2025/2026
02

In a West African financial landscape marked by tighter regulation of the fintech sector, digital fi...

In Five Years, Francophone Africa Will be A Major Force in African Tech –Régis Bamba
03

• Burkina Faso-based financial group, Vista Group Holding, has acquired a majority stake in Société ...

Burkina Faso: Vista Group Acquires Controlling Stake in Société Générale
04

Transport and food prices have been climbing steadily across Africa in recent years. In Côte d’Ivoir...

Côte d’Ivoire’s Fuel Price Cuts Haven’t Slashed Transport Costs–Yet
05

• Kenyan President William Ruto signs strategic partnership with UK Prime Minister Keir Starmer to b...

William Ruto in London: New Agreement Aims to Double Kenya-UK Trade by 2030
Enter your email to receive our newsletter

Ecofin Agency provides daily coverage of nine key African economic sectors: public management, finance, telecoms, agribusiness, mining, energy, transport, communication, and education.
It also designs and manages specialized media, both online and print, for African institutions and publishers.

SALES & ADVERTISING

Benjamin FLAUX
bf@agenceecofin.com 
Téls: +41 22 301 96 11 
Mob: +41 78 699 13 72
Média kit : Download

EDITORIAL
redaction@agenceecofin.com

More information
Team
Publisher

ECOFIN AGENCY

Mediamania Sarl
Rue du Léman, 6
1201 Geneva
Switzerland

 

Ecofin Agency is a sector-focused economic news agency, founded in December 2010. Its web platform was launched in June 2011. ©Mediamania.

 
 

Please publish modules in offcanvas position.