Saudi Arabia in pursuit to offer a $1Bn investment aid for North African territory to boost their Post-Pandemic recovery operations

Credits: - Image by David Mark from Pixabay

The PIF had invested a whopping $4Bln supportive aid within the Energy, Mining, Telecom, Food as well as other diverse African sectors in the past.

As per the statement announced by the Crown Prince, Ruler Mohammed Bin Salman on Tuesday, that; in a bid for better relationship between Saudi Arabia as well as North African frontiers, the Kingdom will be aiding out a $1Bln investment and loans to the African nations, this year for boosting their economy as well as aiding them to recover from post-pandemic phase.

Prince Mohammed stated in a televised speech to a debt relief conference in Paris, that, “Saudi Development Fund will carry out future projects, loans and grants worth three billion riyals, or around $1 billion, in developing countries in Africa this year.”

African leaders and the major heads of multilateral lenders met in Paris on Tuesday to explore out possible ways of financing African economies wounded by the pandemic and to converse management the continent’s billions of dollars in debt.

The summit meeting carried together some 30 African and European heads of state, as well as the heads of global financial institutions like the IMF and the World Bank.

Prior during the conference, IMF member nations approved to clear Sudan’s arrears to the institution, eradicating a concluding obstacle to it obtaining broader relief on external debt of at least $50 billion.

The Crown Prince also stated out that the kingdom’s sovereign wealth fund, the Public Investment Fund (PIF), had financed around $4 billion in the energy, mining, telecoms, food and other sectors in Africa and that it would remain tight-lipped to overview for prospects in other sectors in the continent.

The Prince as known via his initials MbS, further added that; “The impact of the pandemic on low-income African countries was severe, as it widened the financing gap needed to achieve development goals. It is important to continue joint international efforts to overcome this crisis.”

Sudan’s third-largest creditor, remains Saudi Arabia, with an approximately $4.6Million debt, had also priorly announced that, it will press sturdily for a broad agreement on debt, to benefit a nation emerging from decades of sanctions and isolation under ousted former President Omar al-Bashir.

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