Saudi Arabia signed over SR2 billion ($533 million) worth of agreements with African countries during a special conference in a “significant boost to the Kingdom’s ties with the continent,” according to reports.
The deals covered energy, roads, and health, and will be financed through the Saudi Fund for Development.
According to Arab News, the Saudi-Arab-African Economic Conference, held in Riyadh, also saw the signings of multiple memorandums of understanding, as well as the lifting by the Kingdom of a ban on red meat imports from South Africa.
“We are working with partners to support Ghana and other countries regarding their debt,” Saudi Finance Minister Mohammed Al-Jadaan said on Thursday.
Saudi Investment Minister Khalid Al-Falih later said at the same conference the kingdom’s over $700 billion wealth fund, the Public Investment Fund, will make some “game changing” investments in Africa, Reuters reports.
Al-Falih described the $75 billion of Saudi investment already deployed in Africa as “only scratching the surface” given the great potential for more trade and economic support.
