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Saudi Arabia to Invest $1 Billion in Africa, Competing with China

Saudi Arabia to Invest $1 Billion in Africa, Competing with China 20 May 2021 Saudi Arabia announced on Tuesday it plans to invest nearly $1 billion in economic support to African nations this year. “[The] 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,” Saudi Crown Prince Mohammed bin Salman said in a speech while virtually attending an African debt relief summit in Paris on May 18. “The impact of the [Chinese coronavirus] 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,” bin Salman said.

Saudi Arabia grants $1 billion to help African countries fight Covid-19

Saudi Arabia grants $1bn to help African countries fight Covid-19

SHARE Saudi Crown Prince Mohammed bin Salman on Tuesday said the kingdom would provide African countries with $1 billion to help them cope with Covid-19. “The impact of the pandemic on low-income African countries was severe, as it widened the financing gap needed to achieve development goals, Prince Mohammed said in a televised address. It is important to continue joint international efforts to overcome this crisis. He said that the G20 countries under the Saudi presidency last year realised the need to support low-income countries in Africa and the rest of the world to address the pandemic. “The statement of the G20 countries at the extraordinary summit held in March 2020 considers strengthening the health system in Africa as a basis for the integration of the global health system,” Prince Mohammed said.

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