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Saudi Arabia to sign $500m with African nations

by Haruna Gimba

By Muhammad Amaan with agency report

The Saudi Fund for Development will sign agreements worth two billion riyals ($533 million) with African countries, Saudi Finance Minister Mohammed al-Jadaan said on Thursday during the Saudi-Arab-African Economic Conference in Riyadh.

“We are working with partners to support Ghana and other countries regarding their debt,” Jadaan added.

Saudi Investment Minister Khalid al-Falih later said at the same conference the Kingdom’s over $700 billion wealth fund, the Public Investment Fund, will make some “game changing” investments in Africa.

Saudi Energy Minister Prince Abdulaziz bin Salman, also at the conference, signed preliminary agreements with African countries including Nigeria, Senegal, Chad and Ethiopia on energy-related cooperation.

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