Saudi Arabia pledges $41 bln investment in Africa over next decade

Saudi Arabia promised $41 billion worth of investments in Sub-Saharan Africa, Saudi finance minister Mohammed bin Abdullah Al-Jadaan said.

The investments include a $1 billion development program for Africa, $5 billion for startups from the Saudi Development Fund over the next decade, and $10 billion in financing from the Saudi Export-Import Bank.

Additionally, private sector investments are expected to reach $25 billion over the next ten years.

Speaking at an investment forum in Riyadh, Al-Jadaan called for debt relief measures to help African countries with their financing needs.

Saudi Arabia had previously offered debt relief to countries such as Chad, Ghana, Zambia, and Ethiopia during its G20 presidency.

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.