Riyadh, Nov. 9, 2023 – Saudi Investment Minister Khalid Al-Falih, says the kingdom’s sovereign wealth fund, the Public Investment Fund, will make some “game changing” investments in Africa.
The Saudi Fund for Development plans to sign agreements worth some two billion riyals ($533 million) with African countries, according to the Saudi finance minister.
Speaking at the Saudi-Arab-African Economic Conference in Riyadh on Thursday, Finance Minister Mohammed Al-Jadaan said that Riyadh was working with partners to support Ghana and other African countries toward easing their debt.
Ghana, in the throes of an economic crisis, is the African state most indebted to the International Monetary Fund.
The Ghanaian government is currently in talks with external creditors for debt relief to the tune of $10.5 billion.
Saudi Investment Minister, Khalid Al-Falih, later said at the Riyadh event that the kingdom’s sovereign wealth fund, the Public Investment Fund, will make some “game changing” investments in Africa. T
The fund is worth more than $700 billion, according to the latest estimates.
Al-Monitor has contacted the PIF for additional details on the announcements.
Prince Abdulazis bin Salman, the Saudi energy minister, signed agreements with Chad, Ethiopia, Nigeria, Rwanda and Senegal at the conference.
The memorandum of understanding signed with Rwanda is to increase economic and environmental efficiency involving oil and gas and the focus on innovation and sustainability.
Nigeria and Saudi Arabia signed an MoU for cooperation in oil and gas, The Cable reported.
“We have asked many of our colleagues in Africa if they have received any of the climate fund. I have yet to hear any who have,” Prince Abdulaziz said at the forum.
“Economies of Africa need to grow; the people of Africa need to prosper. If these two things happen, the world economy will grow and there will be a rippling effect.”
The Saudi-Arab-African Economic Conference brought together ministers, think tanks, and NGOs as well as development banks and other financial institutions to discuss how to enhance trade between the kingdom and the African continent.
The summit also aimed to create a platform for exporters and importers from both sides. (Al-Monitor)
