Al-Jadaan: Saudi Arabia considers Africa as sturdy companion and funding vacation spot in key sectors

by ADeeL

Saudi Gazette report

RIYADH — Finance Minister Mohammed Al-Jadaan stated that Saudi Arabia considers Africa as a robust companion and funding vacation spot in agriculture, schooling and power and different main sectors. Addressing the Saudi Arab African Financial Convention in Riyadh on Thursday, he unveiled the Saudi Public Funding Fund’s plans to take a position SR2 billion ($533 million) in African international locations. “The African continent represents one of many priorities of the Public Funding Fund,” he stated whereas noting that the Kingdom attaches nice significance to pumping investments into many African international locations in very important sectors.

The minister stated that the Kingdom’s relationship with Africa is a relationship of companions with a standard historical past. “Now we have established partnerships with Africa to broaden in a number of sectors and that the Kingdom helps greater than 400 initiatives within the African continent. The Kingdom is eager to consolidate its relations with the African continent, which is among the most essential axes for the way forward for the worldwide financial system,” he stated.

Al-Jadaan stated that inside this context, the convention goals to consolidate the foundations of the Saudi, Arab and African partnership in plenty of financial and funding features, together with reaching meals safety, strengthening agricultural, industrial, mining and industrial partnership, and concluding new partnerships between African and Saudi entities, along with making a platform for exporters and importers. They are going to assessment alternatives for cooperation within the power sector and its sustainability to allow and improve financial progress.

The minister identified that the convention seeks to supply a platform for worldwide and regional improvement banks, establishments and funds whose concepts and initiatives will be crystallized by means of the dialogues and discussions that shall be addressed throughout the convention’s actions. It’ll additionally represent a chance to focus on the attractiveness of the funding setting within the Kingdom and African international locations, he added.

The one-day convention witnessed the signing of a number of offers and memoranda of understanding. It additionally noticed the lifting of a ban by Saudi Arabia on crimson meat from South Africa. A number of distinguished figures, decision-makers, monetary, enterprise and funding leaders from the federal government and personal sectors, commerce federations, worldwide organizations, and officers from Saudi Arabia, Arab and African international locations attended the convention. By its seven periods, the convention mentioned plenty of matters such because the function of sustainable power partnerships and their significance in facilitating entry to power sources. The matters additionally included strengthening cooperation frameworks to realize meals safety, investing in enterprise improvement, infrastructure, human capital, business and mining, harnessing tourism for progress, and enhancing cooperation to realize sustainable improvement.

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