Saudi Arabia aims to invest over $25 bln in Africa: Crown Prince

Crown Prince Mohammed bin Salman

Crown Prince Mohammed bin Salman opened the Saudi-African Summit in Riyadh on behalf of King Salman bin Abdulaziz Al Saud.

In his opening speech, Crown Prince said that Saudi Arabia is planning new investments of over $25 billion in various sectors, secure $10 billion from exports and provide a development finance of more than $5 billion to Africa until 2030.

Saudi Arabia is keen to enhance cooperation with African states and contribute to establishing security and peace in the region and the world.

The Kingdom plans to develop cooperation ties and partnerships with African countries, as well as enhance trade and integration with them. The Crown Prince announced King Salman’s development initiative at over $1 billion in Africa over the next ten years.

The Kingdom will raise the number of its embassies in Africa to more than 40, the Crown Prince said, pointing to Saudi Arabia’s keenness to support innovative solutions to address the African debts and back sustainable development.

He also reiterated the commitment to energy security and sustainability and the necessity to benefit from all energy sources, develop technologies and solutions for clean fuel and providing food.

Saudi Arabia offered more than $45 billion to support development and humanitarian projects across 54 African countries. Further, King Salman Humanitarian Aid and Relief Center provided aid of over $450 million for 46 African countries.