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Saudi Arabia to sign deals worth over $500 mln with African nations -minister

THE Saudi Fund for Development will sign agreements worth 2 billion riyals ($533 million) with African countries, Saudi Finance Minister Mohammed Al-Jadaan said during the Saudi-Arab-African Economic Conference in Riyadh.

“We are working with partners to support Ghana and other countries regarding their debt,” Jadaan added.

Saudi Investment Minister Khalid Al-Falih later said at the same conference the kingdom’s more than $700 billion wealth fund, the Public Investment Fund, will make some “game-changing” investments in Africa.

Saudi Energy Minister Prince Abdulaziz bin Salman, also at the conference, signed preliminary agreements with African countries including Nigeria, Senegal, Chad and Ethiopia on energy-related cooperation.


Mozambique’s finance ministry issued a statement later in the day saying it had signed a financing agreement of $158 million with the Saudi Development Fund for infrastructure projects including the construction of hospitals and a dam.

By The African Mirror