Saudis Offer $1 Billion Loans, Investments to Africa

Saudi Arabian Crown Prince Mohammad Bin Salman said that his country will provide investments and loans totaling $1 billion to help African countries recover from the coronavirus pandemic. The kingdom has offered loans and grants to more than 45 African countries, he said.

The projects will be supported by the Saudi Fund for Development. The prince made the announcement during a debt relief conference in Paris on Tuesday.

He also said that Saudi Arabia’s sovereign wealth fund, the Public Investment Fund, has invested around $4 billion in the energy, mining, telecoms, food and other sectors in Africa, and will continue to do so.