Saudi Crown Prince inaugurates Saudi-African Summit in Riyadh

Saudi Crown Prince inaugurates Saudi-African Summit in Riyadh

Riyadh, The Gulf Observer: His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Saudi Crown Prince and Prime Minister of Saudi Arabia, has announced the launch of the Custodian of the Two Holy Mosques’ Development Initiative in Africa by inaugurating development projects and programmess worth over $1 billion in African countries over ten years.

“We also look forward to making new Saudi investments, worth more than $25 billion, in various sectors, financing $10 billion in exports and providing $5 billion in additional development financing to Africa until 2030, HRH Prince Mohammed bin Salman said while inaugurating the Saudi-African Summit in Riyadh today on behalf of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud.

“The Kingdom of Saudi Arabia has provided more than $45 billion to support development and humanitarian projects in 54 African countries. The King Salman Humanitarian Aid and Relief Center (KSrelief) aid has reached more than $450 million in 46 African countries. We, in the Kingdom of Saudi Arabia, are determined to develop cooperation and partnership with African countries and expand areas of trade and integration,” he added.

The Saudi Crown Prince also said: “The Kingdom will increase the number of embassies in Africa to more than 40. In recognition of Africa’s role, the Kingdom of Saudi Arabia was among the first nations to publicly endorse the African Union’s bid for permanent membership in the Group of Twenty (G20). The Kingdom is keen to support innovative solutions to address African debt, as it sought during its presidency of the G20 in 2020 to launch initiatives to suspend debt service payments during the pandemic for low-income countries, and the Common Framework for Debt Treatments initiative in many African.”

“The Kingdom of Saudi Arabia supports sustainable development and recognises every country’s right to utilize their resources and capacities. We reaffirm our commitment to ensuring the security and durability of energy supplies, benefiting from all energy sources, developing clean fuel solutions, and providing food to over 750 million Africans,” he added.