THE Saudi Fund for Development will sign agreements worth 2-B riyals or $533-M with African nations, as confirmed by the country’s finance ministry.
Saudi Arabia‘s USD 700-B wealth fund also pledged to make some “game-changing” investments in Africa.
The oil-rich Gulf kingdom announced the plan during the Saudi-Arab-African Economic Conference held in the Saudi capital of Riyadh this week.
During the conference, Saudi Energy Minister Prince Abdulaziz bin Salman signed memorandums of understanding concerning joint energy initiatives and sustainability programs with Ethiopia, Senegal, Chad, Nigeria, and Rwanda.
Preliminary agreements were also signed with other African countries including Egypt, Gambia, and Mozambique.
