Saudi Launches Development Initiative In Africa Worth $1 Billion

Saudi Crown Prince Mohammed bin Salman has announced on Friday the launch of King Salman’s Development Initiative in Africa, which encompasses projects and programs exceeding $1 billion over a span of 10 years.

The Saudi Crown Prince envisioned injecting Saudi investments exceeding $25 billion across various sectors. The commitment includes providing $10 billion in financing and insurance for exports and offering an additional $5 billion in developmental financing for Africa until 2030.

He also announced Saudi Arabia’s plan to expand its diplomatic presence in Africa, increasing the number of embassies to over 40.

Prince Mohammed said: “The Kingdom has provided over $45 billion to support developmental and humanitarian projects in 54 African countries.”

He underscored the Kingdom’s dedication to supporting innovative solutions to address African debt and affirmed the right of nations to develop their resources and self-capabilities.

The Crown Prince also expressed support for the African Union’s full membership in the G20.

He welcomed the resumption of talks in Jeddah between representatives of the conflicting parties in Sudan, expressing hope that dialogue would be the foundation for peace.

SAUDI GAZETTE