The Saudi Fund for Development plans to sign agreements worth some 2 billion riyals ($533 million) with African countries, according to the Saudi finance minister.
Speaking at the Saudi-Arab-African Economic Conference in Riyadh on Thursday, Finance Minister Mohammed Al-Jadaan said that Riyadh was working with partners to support Ghana and other African countries toward easing their debt.
Ghana, in the throes of an economic crisis, is the African state most indebted to the International Monetary Fund. The Ghanaian government is currently in talks with external creditors for debt relief to the tune of $10.5 billion.
Saudi Investment Minister Khalid Al-Falih later said at the Riyadh event that the kingdom’s sovereign wealth fund, the Public Investment Fund, will make some “game changing” investments in Africa. The fund is worth more than $700 billion, according to the latest estimates.
