During the Saudi-Arab-African Economic Conference in Riyadh on Thursday, Saudi Finance Minister Mohammed Al-Jadaan announced that the Saudi Fund for Development would sign deals with African nations totaling 2 billion riyals ($533 million).
Saudi sign deals with African nations: “To assist Ghana and other nations with their debt, we are collaborating with partners,” Jadaan continued.
Later at the same conference, Saudi Investment Minister Khalid Al-Falih declared that the Public Investment Fund, the kingdom’s over $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.
Later in the day, Mozambique’s finance ministry released a statement announcing that it had inked a $158 million financing deal with the Saudi Development Fund for infrastructure projects, which included building a dam and hospitals.
