Saudi Crown Prince Mohammed bin Salman revealed the initiation of King Salman’s Development Initiative in Africa, encompassing an extensive array of projects and programs valued at over $1 billion, spanning a decade.
The declaration unfolded at the Riyadh-based Saudi-African Summit, where Crown Prince Mohammed bin Salman, representing King Salman, emphasized the Kingdom’s commitment to strengthening collaboration with African nations across diverse domains. This commitment seeks to play a pivotal role in establishing regional and global security and peace.
Highlighting a vision of injecting Saudi investments surpassing $25 billion into various sectors, the Crown Prince outlined a comprehensive commitment. This includes earmarking $10 billion for financing and insurance for exports, coupled with an additional $5 billion in developmental financing dedicated to Africa until 2030. Moreover, plans were unveiled to expand Saudi Arabia’s diplomatic presence in Africa, with the goal of increasing the number of embassies to over 40.
Prince Mohammed emphasized, “The Kingdom has contributed over $45 billion to support developmental and humanitarian projects in 54 African countries,” underlining Saudi Arabia’s steadfast commitment to innovative solutions addressing African debt and championing nations’ rights to develop their resources and capabilities.
Expressing support for the African Union’s full membership in the G20, the Crown Prince welcomed the resumption of talks in Jeddah between representatives of conflicting parties in Sudan, expressing hope that dialogue would pave the way for lasting peace. Condemning military attacks and civilian targeting in the Gaza Strip, Prince Mohammed stressed the urgent need to halt violations by Israeli occupation authorities against international humanitarian law.
Furthermore, he revealed the ambition to host Expo 2030 in Riyadh, aiming to present an unprecedented and exceptional edition contributing to envisioning the future.
