Saudi to invest $1bn to help African countries

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The Kingdom has also affirmed its support for international efforts in combating terrorist groups and extremism for each of the Sahel and Saharan countries…reports Asian Lite News

Saudi Arabia has announced its support to African countries with $1 billion worth investments and loans this year to help boost their economies battling the pandemic.

During a televised speech to a debt relief conference in Paris, Crown Prince Mohammad Bin Salman said the projects will be carried out by the Saudi Fund for Development (SFD), the Arab News reported.

“Saudi Arabia is one of the countries that supports COVAX and the Kingdom is one of the countries that supports exporting vaccines to developing countries,” the crown prince said.

The Kingdom has also affirmed its support for international efforts in combating terrorist groups and extremism for each of the Sahel and Saharan countries, the Saudi Press Agency reported.

Last year’s Saudi-hosted G20 Summit launched initiatives to support the African economy while the SFD offered loans to African countries.

He also said the Kingdom’s sovereign wealth fund, the Public Investment Fund (PIF), had invested around $4 billion in the energy, mining, telecoms, food and other sectors in Africa and that it would continue to look for opportunities in other sectors in the continent.

Prince Mohammed said his country has paid $122 million to combat terror along the African coast.

“We are aiming that this summit concludes with solutions to the debts of African countries,” the crown prince was quoted as saying.

Saudi has offered loans and grants to more than 45 African countries, he added.

According to Arab News, Saudi Arabia was among lender counties which met in Paris on Tuesday to find ways of financing African economies hurt by the pandemic and to discuss handling the continent’s billions of dollars in debt.

The summit brought together some 30 African and European heads of state, as well as the heads of global financial institutions such as the IMF and World Bank.

‘Saudi Arabia has announced a Euro 200 million worth initiative to redevelop the African coast’ Prince Mohammed told the attendees. 

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