RIYADH: Saudi Arabia’s Fund for Development has already supported more than 400 projects in Africa and will sign agreements with African countries to implement development projects worth more than two billion riyals, Saudi Finance Minister Mohammad Al Jadhan said. The Finance Minister was delivering a lecture at the Saudi-African Economic Conference in Riyadh. At the conference, Arab development institutions will also announce their major financing programs to support sustainable development in Africa until 2030.
The finance minister also indicated that Saudi Arabia is currently seeking to create an additional seat for Africa on the Executive Board of the International Monetary Fund to strengthen the African continent’s voice in international fora. The country considers Africa as a trading partner and an important investment destination. The Saudi Ports Authority is working to improve shipping and connectivity to various African ports.
Saudi Arabia has also launched programs aimed at facilitating trade in services between Saudi Arabia and Africa. The country’s relationship with the African continent is not only governed by geographical proximity. Instead, the finance minister said that he is united with them in partnership. Trade relations with the African continent have existed since ancient times. Arab traders depended on trade routes to Africa. Saudi Arabia has been an active market for African goods for centuries.
There are cultural similarities between Saudi Arabia and the countries of the African continent. The African continent has an important role to play in addressing the major challenges facing the global economy. The finance minister also said that Saudi Arabia was one of the first countries that requested to join the African Union as a permanent member of the G20. Debt is one of the challenges facing the African continent. A debt resolution initiative has been launched. The finance minister also said that the work being done by Saudi Arabia to solve the debt obligations of countries including Ghana is progressing. Top officials of Saudi, Arab and African countries, economic, business and investment leaders from the government and private sectors, trade federations, international organizations and prominent figures in academic circles gathered in Riyadh to discuss relations and joint cooperation opportunities with Africa.
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2023-11-10 14:45:40
