Saudi Arabia Launches Development Initiative in Africa Worth over $1 Billion

Prince Mohammed bin Salman bin Abdulaziz, Crown Prince and Prime Minister, at the Saudi-African Summit in Riyadh on Friday. (SPA)
Prince Mohammed bin Salman bin Abdulaziz, Crown Prince and Prime Minister, at the Saudi-African Summit in Riyadh on Friday. (SPA)
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Saudi Arabia Launches Development Initiative in Africa Worth over $1 Billion

Prince Mohammed bin Salman bin Abdulaziz, Crown Prince and Prime Minister, at the Saudi-African Summit in Riyadh on Friday. (SPA)
Prince Mohammed bin Salman bin Abdulaziz, Crown Prince and Prime Minister, at the Saudi-African Summit in Riyadh on Friday. (SPA)

Prince Mohammed bin Salman bin Abdulaziz, Crown Prince and Prime Minister, deputizing for Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud, inaugurated the Saudi-African Summit in Riyadh on Friday.

“The Kingdom of Saudi Arabia and African countries are keen to enhance cooperation in a way that contributes to establishing security and peace in the region and the whole world,” said Crown Prince Mohammed in opening the summit.

“We condemn the military aggression witnessed in Gaza Strip, the targeting of civilians, and the continued violation of international humanitarian law by the Israeli occupying authority. We stress the need to stop this war and forced displacement, as well as to create conditions for the return of stability and for achieving peace,” he urged.

“The Kingdom and African countries support all efforts aimed at achieving security and stability. In this regard, we welcome the resumption of the Jeddah talks, with representatives of the two sides of the crisis in Sudan, and hope that the language of dialogue will be the basis for preserving the unity of Sudan, and the security of its people and assets,” he added.

“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 are determined to develop cooperation and partnership with African countries and expand areas of trade and integration,” he stressed.

“In this regard, we are pleased to announce the launch of the Custodian of the Two Holy Mosques' Development Initiative in Africa by inaugurating development projects and programs worth over $1 billion in countries of the continent over a period of 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,” revealed the Crown Prince.

Moreover, he 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), he remarked.

“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,” he continued.

“Saudi Arabia supports sustainable development and recognizes 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.

“We aim to host Expo 2030 in Riyadh, to present an unprecedented version in the history of this exhibition that may contribute to projecting a better future for humanity. We look forward to your participation in highlighting the important role of Africa, its human and natural resources, growth opportunities, and future potential,” he stated.

The official Saudi delegation at the event included Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz, Minister of State and Member of the Cabinet Prince Turki bin Mohammed bin Fahd bin Abdulaziz, Minister of Interior Prince Abdulaziz bin Saud bin Naif bin Abdulaziz, Minister of the National Guard Prince Abdullah bin Bandar bin Abdulaziz, Minister of Defense Prince Khalid bin Salman bin Abdulaziz, Minister of Foreign Affairs Prince Faisal bin Farhan bin Abdullah, and Minister of State, Member of the Cabinet and National Security Advisor Dr. Musaed bin Mohammed Al-Aiban.



IMF Approves Third Review of Sri Lanka's $2.9 Bln Bailout

Peter Breuer, Senior Mission Chief for Sri Lanka at the IMF along with Katsiaryna Svirydzenka, Deputy Mission Chief for Sri Lanka at the IMF and Martha Tesfaye Woldemichael, Deputy Mission Chief for Sri Lanka at the IMF, attend a press conference organized by the International Monetary Fund (IMF) in Colombo, Sri Lanka, November 23, 2024. REUTERS/Thilina Kaluthotage
Peter Breuer, Senior Mission Chief for Sri Lanka at the IMF along with Katsiaryna Svirydzenka, Deputy Mission Chief for Sri Lanka at the IMF and Martha Tesfaye Woldemichael, Deputy Mission Chief for Sri Lanka at the IMF, attend a press conference organized by the International Monetary Fund (IMF) in Colombo, Sri Lanka, November 23, 2024. REUTERS/Thilina Kaluthotage
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IMF Approves Third Review of Sri Lanka's $2.9 Bln Bailout

Peter Breuer, Senior Mission Chief for Sri Lanka at the IMF along with Katsiaryna Svirydzenka, Deputy Mission Chief for Sri Lanka at the IMF and Martha Tesfaye Woldemichael, Deputy Mission Chief for Sri Lanka at the IMF, attend a press conference organized by the International Monetary Fund (IMF) in Colombo, Sri Lanka, November 23, 2024. REUTERS/Thilina Kaluthotage
Peter Breuer, Senior Mission Chief for Sri Lanka at the IMF along with Katsiaryna Svirydzenka, Deputy Mission Chief for Sri Lanka at the IMF and Martha Tesfaye Woldemichael, Deputy Mission Chief for Sri Lanka at the IMF, attend a press conference organized by the International Monetary Fund (IMF) in Colombo, Sri Lanka, November 23, 2024. REUTERS/Thilina Kaluthotage

The International Monetary Fund (IMF) approved the third review of Sri Lanka's $2.9 billion bailout on Saturday but warned that the economy remains vulnerable.
In a statement, the global lender said it would release about $333 million, bringing total funding to around $1.3 billion, to the crisis-hit South Asian nation. It said signs of an economic recovery were emerging, Reuters reported.
In a note of caution, it said "the critical next steps are to complete the commercial debt restructuring, finalize bilateral agreements with official creditors along the lines of the accord with the Official Creditor Committee and implement the terms of the other agreements. This will help restore Sri Lanka's debt sustainability."
Cash-strapped Sri Lanka plunged into its worst financial crisis in more than seven decades in 2022 with a severe dollar shortage sending inflation soaring to 70%, its currency to record lows and its economy contracting by 7.3% during the worst of the fallout and by 2.3% last year.
"Maintaining macroeconomic stability and restoring debt sustainability are key to securing Sri Lanka's prosperity and require persevering with responsible fiscal policy," the IMF said.
The IMF bailout secured in March last year helped stabilize economic conditions. The rupee has risen 11.3% in recent months and inflation disappeared, with prices falling 0.8% last month.
The island nation's economy is expected to grow 4.4% this year, the first increase in three years, according to the World Bank.
However, Sri Lanka still needs to complete a $12.5 billion debt restructuring with bondholders, which President Anura Kumara Dissanayake aims to finalize in December.
Sri Lanka will enter into individual agreements with bilateral creditors including Japan, China and India needed to complete a $10 billion debt restructuring, Dissanayake said.
He won the presidency in September, and his leftist coalition won a record 159 seats in the 225-member parliament in a general election last week.