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RIYADH: At the Saudi-ArabAfrican Economic Conference here on November 9, Saudi Finance Minister Mohammed Al-Jadaan announced plans for the Saudi Fund for Development to finalise agreements worth around 2 billion riyals ($533 million) with several African nations.
The primary agenda of the conference was to explore avenues for boosting trade between Saudi Arabia and the African continent, fostering collaboration, and creating opportunities for exporters and importers.
The conference served as a dynamic platform for discussions among ministers, think-tanks, NGOs, development banks, and FIs.
Al-Jadaan emphasised Riyadh’s collaborative approach to assist countries like Ghana in addressing their debt challenges, particularly significant as Ghana navigates an economic crisis and engages in negotiations with external creditors for substantial debt relief amounting to $10.5 billion.
The conference also witnessed Saudi Investment Minister Khalid Al-Falih unveiling ambitious plans for the kingdom’s sovereign wealth fund, the Public Investment Fund, projecting “game-changing” investments in Africa. With an estimated value surpassing £700 billion, this fund presents substantial potential for impactful financial ventures.
Additionally, Saudi Energy Minister Prince Abdulaziz bin Salman inked agreements with Chad, Ethiopia, Nigeria, Rwanda, and Senegal during the event. Notably, the MoU with Rwanda focuses on enhancing economic and environmental efficiency in the oil and gas sector.