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Saudi Arabia announces major $41 billion investment for African economic development
Key initiatives include $1 billion for African development, $5 billion for startups, $10 billion in financing, and $25 billion in private sector investments.
Saudi Arabia has announced a significant $41 billion investment pledge for low-income sub-Saharan African countries over the next decade. The initiative, unveiled by Finance Minister Mohammed bin Abdullah Al-Jadaan, aims to bolster economic growth and development across the continent.
Al-Jadaan outlined a series of major financial initiatives, including a $1 billion development program for Africa, $5 billion for startups from the Saudi Development Fund over the next decade, and $10 billion in financing from the Saudi Export-Import Bank.
Additionally, private sector investments are expected to reach $25 billion over the next ten years.
Speaking at an investment forum in Riyadh, Al-Jadaan emphasized Saudi Arabia’s commitment to strengthening economic ties with Africa. He noted that sovereign debt remains a significant challenge for African nations and called for international cooperation to address the issue.
Saudi Arabia has previously offered debt relief to countries such as Chad, Ghana, Zambia, and Ethiopia during its G20 presidency. Al-Jadaan also highlighted the Arab Coordination Group’s aim to lend $50 billion to Africa by 2030.
ACWA Power, a major player in renewable energy and water desalination, has already invested over $7 billion in Africa and plans to further expand its footprint on the continent, focusing on renewable energy projects.
The company, which is 44% owned by Saudi Arabia’s Public Investment Fund, aims to invest $15 billion in Egypt over the next six years as part of a broader plan to quadruple its investment in Africa. Additionally, ACWA Power announced this week that its Redstone Concentrating Solar Power plant in South Africa had reached 50MW, with a full capacity of 100MW expected soon.
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