Saudi Arabia announces “game-changing” investments in Africa

The Saudi Minister of Investment, Khaled al-Falih, said the Public Investment Fund would “make some game-changing investments” in Africa, with the kingdom concluding a number of agreements with African countries related to energy.

Al-Falih made his remarks during the Saudi-Arab-African Economic Conference held in Riyadh on Thursday, which saw the Kingdom sign memoranda of understanding with several African countries. These include Nigeria, Ethiopia, Chad, Rwanda, and Senegal.

“There are a lot of promising opportunities in Africa,” Al-Falih said, according to “Reuters.”

At the same conference, the Saudi Minister of Finance, Mohammed al-Jadaan, stated that the Saudi Development Fund had signed agreements worth 2 billion riyals ($533 million) with African countries.

“The Kingdom was working with partners to support Ghana and other countries with regard to its debt”, Al-Jadaan said.

“The Kingdom’s relationship with the African continent is not governed by the proximity of the geographical location only, and we are partners with a common history and destiny,” he added.