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    NEWS HUNT EXPRESS

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    Saudi Arabia launches $1-billion development initiative in Africa

    Bynewshuntexpress

    Nov 10, 2023


    Saudi Gazette report

    RIYADH — Saudi Crown Prince Mohammed bin Salman announced on Friday the launch of King Salman’s Development Initiative in Africa, which encompasses projects and programs exceeding $1 billion over a span of 10 years.

    The announcement took place during the opening of the Saudi-African Summit in Riyadh, where Crown Prince Mohammed bin Salman, representing Custodian of the Two Holy Mosques King Salman, emphasized the Kingdom’s commitment to enhancing cooperation and fostering relationships with African nations across various domains. This commitment aims to contribute to establishing security and peace in the region and the world at large.

    The Saudi Crown Prince envisioned injecting Saudi investments exceeding $25 billion across various sectors. The commitment includes providing $10 billion in financing and insurance for exports and offering an additional $5 billion in developmental financing for Africa until 2030.

    Moreover, he announced Saudi Arabia’s plan to expand its diplomatic presence in Africa, increasing the number of embassies to over 40.

    Prince Mohammed said: “The Kingdom has provided over $45 billion to support developmental and humanitarian projects in 54 African countries.”

    He underscored the Kingdom’s dedication to supporting innovative solutions to address African debt and affirmed the right of nations to develop their resources and self-capabilities.

    The Crown Prince also expressed support for the African Union’s full membership in the G20. He welcomed the resumption of talks in Jeddah between representatives of the conflicting parties in Sudan, expressing hope that dialogue would be the foundation for peace.

    Condemning the military attacks and targeting of civilians in the Gaza Strip, Prince Mohammed emphasized the urgent need to halt the ongoing violations by the Israeli occupation authorities against international humanitarian law.

    Furthermore, he added: “We aim to host the Expo 2030 in Riyadh, presenting an unprecedented and exceptional edition that contributes to envisioning the future.”



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