Saudi Arabia to sign deals worth over $500 mln with African nations. During Thursday’s Saudi-Arab-African Economic Conference in Riyadh, Saudi Finance Minister Mohammed Al-Jadaan said that the Saudi Fund for Development will sign deals with African nations totaling 2 billion riyals ($533 million).
“We are working with partners to support Ghana and other countries regarding their debt,” Jadaan stated.
Later, at the same conference, Saudi Investment Minister Khalid Al-Falih declared that the Public Investment Fund, the kingdom’s approximately $700 billion wealth fund, will make some “game-changing” investments in Africa.
During the meeting, Prince Abdulaziz bin Salman, the Saudi Energy Minister, also inked preliminary agreements on energy-related cooperation with Nigeria, Senegal, Ethiopia, and Chad.
These accords constitute a significant economic gain for the participating African states. Capital inflows into vital industries can boost the economy, generate jobs, and raise living standards.
In addition to their economic effects, the agreements help to improve Saudi Arabia’s diplomatic relations with the participating African countries. These partnerships build a climate of mutual desperation, preparing the base climate for further diplomatic endeavors.
Saudi Arabia’s move to ink agreements worth more than $500 million with African countries indicates international involvement and economic diversification. These agreements can accelerate technical development, improve diplomatic relations, and change economic environments as they come into effect. Beyond just financial benefits, the participating African nations benefit from this as well, opening the door to a successful and cooperative future.
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