Finance Minister announces allocation of 6 Saudi initiatives for development and financing in the African continent

Today, before the New Africa Summit within the Future Investment Initiative, Finance Minister Mohammed Al-Jadaan revealed the allocation of 6 Saudi initiatives for development and financing in the African continent, which include more than one billion dollars for development in Africa, in addition to allocating 5 billion dollars from the Saudi Fund for Development to implement development projects in the African continent over the next 10 years, adding that 10 billion dollars have been allocated from the Saudi Export-Import Bank to provide financing products over 10 years.

He added, a short while ago during his opening of the New Africa Summit held on the sidelines of the eighth edition of the Future Investment Initiative today, Monday, in Riyadh, that the Digital Impact Initiative was launched to enhance cooperation in the digital economy between the Kingdom and Africa.

Al-Jadaan continued: “Private sector investments are expected to reach 25 billion dollars in Africa over the next 10 years. Work has been underway to implement 5 billion dollars of these investments for less than a year.”

Al-Jadaan indicated during his speech that the Kingdom has begun implementing these initiatives and will continue its efforts to strengthen economic ties between the Kingdom and Africa.