Saudi Arabia has committed $41 billion in financing over the next decade to support sub-Saharan African countries, with $25 billion earmarked for foreign direct investments by Saudi private companies.
This announcement came during the “New Africa Summit,” held on the sidelines of the 8th Future Investment Initiative’s (FII) Conference, held in Riyadh under the theme “Infinite Horizons, Investing Today to Shape the Future.”
Dubbed “Davos in the Desert,” the FII is the Middle East’s largest investment Forum, attracting over 7,000 global leaders from politics, business, and finance. This year, the Summit began with a pre-event focused on Africa, featuring high-profile attendees such as Senegalese President Bassirou Diomaye Faye and UBA Chairman Tony Elumelu.
Senegalese President Faye highlighted Senegal’s readiness for investment, especially in industrialization, green energy, and digital technology. The summit covered key topics like AI, health, education, and innovation.
Saudi Finance Minister Mohammed Bin Abdullah Al-Jadaan detailed the $41 billion plan, which includes $25 billion from Saudi private companies, $10 billion in Saudi Exim Bank loans, $5 billion for African startups, and $1 billion for regional development initiatives. He also mentioned that Gulf donors plan to extend $50 billion in loans to Africa by 2030. Powered by its $930 billion Public Investment Fund, Saudi Arabia is positioning itself as a substantial financial ally for Africa’s growth..