In a significant move, Saudi Arabia is poised to enter into agreements worth SR2 billion ($533 million) with various African countries. This announcement was made by the Kingdom’s Finance Minister, Mohammed Al-Jadaan, during the Saudi-Arab-African Economic Conference in Riyadh. These agreements will be facilitated through the Kingdom’s Fund for Development and will encompass a diverse range of countries and entities across the African continent.

Al-Jadaan emphasized the strength and growth of Saudi Arabia’s partnership with African nations, acknowledging the various sectors like energy, education, and agriculture where investments thrive. He reiterated the Kingdom’s commitment to Africa as an attractive investment destination and a robust partner.

Moreover, Al-Jadaan called for an additional seat for Africa on the Executive Board of the International Monetary Fund. This proposal aims to enhance the continent’s representation and influence in global forums, underlining Saudi Arabia’s support for Africa’s economic development.

The event convened financial, trade, and government representatives to discuss improving ties between Saudi Arabia and Africa. It also saw Saudi Arabia’s Public Investment Fund (PIF) express interest in the continent. Saudi Minister of Investment Khalid Al-Falih hinted at upcoming game-changing announcements regarding PIF’s intent to invest in Africa. He mentioned the joint venture between Ma’aden and PIF, set to invest in critical minerals in Africa.

Al-Falih noted that while there is already $75 billion of Saudi investment deployed in Africa, the potential for further investments is vast and remains largely untapped. This demonstrates Saudi Arabia’s commitment to strengthening economic partnerships with African nations and contributing to the continent’s growth and development.