The Saudi Arabian Ministry of Finance announced late on Thursday the signing of over 50 deals and memoranda of understanding between Saudi Arabia and various African countries.
These agreements aim to establish a strong partnership and a promising future for all parties involved, as part of the Saudi-Arabian African Economic Conference held in Riyadh.
The Ministry shared this news on its social media account, Twitter, emphasizing that the conference witnessed the participation of more than 1,000 attendees, including Saudi and Arab officials, Africans, investors from various nationalities, trade unions, and international organizations.
The primary objective of the conference is to enhance the Saudi-Arabian-African partnership in various economic and investment aspects.
During the conference, the Saudi Fund for Development signed 14 new development loan agreements, totaling over 2 billion Saudi Riyals (1 USD = 3.75 SAR), with 12 African countries.
Furthermore, Prince Abdulaziz bin Salman, the Saudi Minister of Energy, signed five memoranda of understanding encompassing all energy sectors between Saudi Arabia and five African countries: Senegal, Rwanda, Chad, Ethiopia, and Nigeria.
At the conference, Saudi Minister of Finance, Mohammed bin Abdullah Al-Jadaan, signed a memorandum of understanding with the Egyptian Minister of Finance, Mohamed Maait, aimed at establishing a high-level financial dialogue between the two countries’ finance ministries.
The Saudi-Arabian African Economic Conference, which began in Riyadh, Saudi Arabia, on Thursday, brought together a multitude of officials from Saudi Arabia, Arab countries, and African nations, as well as leaders from the financial, business, and investment sectors, representing both the public and private sectors. It also saw the participation of trade unions, international organizations, and prominent figures from academia and think tanks.
The event is designed to facilitate discussions on bilateral relations and shared investment opportunities.
