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Saudi Reserves Rise 6% to $452 Billion in July

Saudi Central Bank (SAMA) (Asharq Al-Awsat)
Saudi Central Bank (SAMA) (Asharq Al-Awsat)
TT
TT

Saudi Reserves Rise 6% to $452 Billion in July

Saudi Central Bank (SAMA) (Asharq Al-Awsat)
Saudi Central Bank (SAMA) (Asharq Al-Awsat)

Saudi Central Bank (SAMA) reported that its total reserves increased by 6% year-on-year in July, reaching SAR1.697 trillion ($452 billion), up from SAR1.600 trillion ($426 billion) a year earlier.

However, reserves dropped by 3.2% from June’s SAR1.754 trillion ($467 billion), the highest level since November 2022.

SAMA’s monthly report showed a 7% rise in foreign financial investments, reaching SAR1.021 trillion ($272 billion) compared to SAR952.29 billion($253.7 billion) last year.

Meanwhile, the reserve position with the International Monetary Fund (IMF) fell by 8% from June 2023, totaling SAR13.2 billion ($3.5 billion).

Saudi reserves include foreign securities, foreign currency, foreign deposits, IMF reserve positions, special drawing rights, and cash gold.

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China's Lending to Africa Rises for First Time in Seven Years

Water vapor rises from cooling towers of a China Energy ultra-low emission coal-fired power plant in Sanhe, Hebei province, China (Reuters / Shivani Singh)
Water vapor rises from cooling towers of a China Energy ultra-low emission coal-fired power plant in Sanhe, Hebei province, China (Reuters / Shivani Singh)
TT
TT

China's Lending to Africa Rises for First Time in Seven Years

Water vapor rises from cooling towers of a China Energy ultra-low emission coal-fired power plant in Sanhe, Hebei province, China (Reuters / Shivani Singh)
Water vapor rises from cooling towers of a China Energy ultra-low emission coal-fired power plant in Sanhe, Hebei province, China (Reuters / Shivani Singh)

Chinese lenders approved loans worth $4.61 billion to Africa last year, marking the first annual increase since 2016, an independent study showed on Thursday.
Africa secured more than $10 billion in loans a year from China between 2012-2018, thanks to President Xi Jinping's Belt and Road Initiative (BRI), but the lending fell precipitously from the start of the COVID-19 pandemic in 2020.
Last year's figure, a more than three-fold increase from 2022, shows China is keen to curb risks associated with highly indebted economies, the study by Boston University's Global Development Policy Centre found.
The new data comes as Beijing prepares to host African leaders next week for the Forum on China-Africa Cooperation, which takes place every three years.
Last year's biggest items include a nearly $1 billion loan from China Development Bank to Nigeria for the Kaduna-to-Kano Railway and a similar size liquidity facility by the lender to Egypt's central bank.
China has vaulted to the top bilateral lender for many African nations like Ethiopia in recent years.
Nearly a tenth of 2023 loans were for three solar and hydropower energy projects, the study found, illustrating a desire by China to move into funding renewable energy instead of coal-fired power plants.
In a separate development, the Chinese government affirmed on Thursday that quarter of all the country’s energy consumption now comes from clean sources, as Beijing rapidly pivots its huge economy to a greener footing.
The country is the world's largest emitter of greenhouse gasses, though has in recent years emerged as a global leader in renewable energy.
A white paper published Thursday said the proportion of “clean energy” in total national consumption rose from 15.5% to 26.4% over the past decade, according to State news agency Xinhua.