Finance minister expects Saudi investments in Africa’s private sector to reach $25 billion

Saudi Gazette report

RIYADH — Saudi Finance Minister Mohammed Al-Jadaan forecasted on Monday that Saudi investments in the private sector across Africa will amount to $25 billion over the next ten years.

During the Future Investment Initiative New Africa Summit in Riyadh, Al-Jadaan mentioned that $5 billion of these investments are currently being implemented.

He emphasized Africa’s pivotal role in addressing global challenges and highlighted the accelerating partnership between the Kingdom and the continent.

Al-Jadaan also pointed out key initiatives already underway, including the allocation of over $1 billion for the Custodian of the Two Holy Mosques’ Development Initiative in Africa.

Additionally, he announced a commitment of $5 billion from the Saudi Development Fund for developmental projects over the next decade, with implementation already in progress.

Furthermore, he revealed that the Saudi Export-Import Bank has allocated $10 billion to provide financing products over the same period.