Inside Saudi Arabia’s $1 billion development windfall for Africa
Saudi Crown Prince Mohammed bin Salman launched King Salman’s Development Initiative in Africa, which encompasses projects set to gobble up more than $1 billion over 10 years.
According to the Saudi Gazette, the announcement took place during the opening of the Saudi-African Summit in Riyadh, where Prince bin Salman, representing Custodian of the Two Holy Mosques King Salman, emphasised the Kingdom’s commitment to enhancing cooperation and fostering relationships with African nations across various domains. This commitment aims to contribute to establishing security and peace in the region and the world at large.
The Saudi Crown Prince envisioned injecting Saudi investments exceeding $25 billion across various sectors. The commitment includes providing $10 billion in financing and insurance for exports and offering an additional $5 billion in developmental financing for Africa until 2030.
Moreover, he announced Saudi Arabia’s plan to expand its diplomatic presence in Africa, increasing the number of embassies to over 40.
Prince bin Salman said, “The Kingdom has provided over $45 billion to support developmental and humanitarian projects in 54 African countries.”
He underscored the Kingdom’s dedication to supporting innovative solutions to address African debt and affirmed the right of nations to develop their resources and self-capabilities.
The Crown Prince also expressed support for the African Union’s full membership in the G20. He welcomed the resumption of talks in Jeddah between representatives of the conflicting parties in Sudan, expressing hope that dialogue would be the foundation for peace.
Condemning the military attacks and targeting of civilians in the Gaza Strip, Prince Mohammed emphasized the urgent need to halt the ongoing violations by the Israeli occupation authorities against international humanitarian law.
Furthermore, he added, “We aim to host Expo 2030 in Riyadh, presenting an unprecedented and exceptional edition that contributes to envisioning the future.”
Saudi Arabia and African countries were set to sign deals worth some 500 million euros at an economic summit in Riyadh—the first of its kind. The three-day event, which began on Friday, hopes to boost political and investment ties while also addressing regional security threats.
According to RFI, Saudi Arabia and African countries were set to sign deals worth some 500 million euros at an economic summit in Riyadh—the first of its kind. The three-day event, which began on Friday, hopes to boost political and investment ties while also addressing regional security threats.
Saudi Arabia now enters the league of African suitors, with countries such as the United States of America, Russia, China and Turkey also lining up to scoop up allies on the vast continent.
Saudi Arabia is currently working side by side with the US to pursue a ceasefire deal in Sudan, although this has largely been elusive.