Saudi Arabia’s Finance Minister, Mohammed Al-Jadaan, has revealed that the Saudi Fund for Development will sign agreements worth 2 billion riyals ($533 million) with African countries.
Al-Jadaan disclosed this during the Saudi-Arab-African Economic Conference in Riyadh. “We are working with partners to support Ghana and other countries regarding their debt”, he said.
Later at the same conference, Saudi Investment Minister, Khalid Al-Falih declared that the Public Investment Fund, the kingdom’s over $700 billion wealth fund, would undertake some “game-changing” investments in Africa.
Saudi Arabia’s Energy Minister, Prince Abdulaziz bin Salman also signed preliminary agreements on energy-related cooperation with African nations, such as Nigeria, Senegal, Ethiopia, and Chad.
Later on Thursday, Mozambique’s finance ministry confirmed in a statement that it had inked a $158 million financing deal with the Saudi Development Fund for the construction of a dam and other infrastructure projects, including hospitals.
Saudi-African relations have a long and strong history due to the geographic proximity of the Arabian Peninsula and the African continent, but beyond the Arab connection, the Kingdom wants to expand its influence into Sub-Sahara.
Africa has taken on significant geopolitical importance this century, particularly with regards to China dominating its economic relations; a development that other economic powers like the United States, France, and even Russia hope to alter, reversing Beijing’s significant political economic hold on the continent.