Saudi Arabia’s PIF launches an initiative of 200 mln Euros to develop Africa’s Sahel

Saudi Arabia’s Crown Prince Mohammed bin Salman announced during a summit held in France to help finance Africa’s post-pandemic recovery that the Saudi Public Investment Fund is launching an initiative of 200 million euros to develop the Sahel region countries, in partnership with the French Development Agency, according to a statement released by SPA.

The Crown Prince added that Saudi Arabia has future projects, loans and grants that will be implemented by the Saudi Fund for Development in developing countries in Africa exceeding 3 billion Saudi riyals, or nearly one billion Dollars during the current year.

“The impact of the pandemic has been severe in low-income African countries, where the pandemic has increased the financing gap needed to achieve sustainable development goals, and it is important that we continue to make efforts to overcome this crisis through joint international action,” the Crown Prince said.

The Crown Prince added that the most urgent matter is to ensure the rapid and fair global distribution of vaccines, especially in low-income countries in Africa and the rest of the world, which contributes to stopping the spread of the epidemic and returning economic activity to normal as soon as possible.

The Crown Prince added that Saudi Arabia is one of the countries that supported and donated to COVAX, a worldwide initiative aimed at equitable access to COVID-19 vaccines directed by Gavi, adding that the program still needs more support to achieve its goals effectively.

“The G20 countries under the Kingdom’s presidency in 2020 realized the need to work to support low-income countries in Africa and in the rest of the world to address the pandemic. The statement of the G20 countries at the extraordinary summit held in March 2020 considers that strengthening the health system in Africa is a basis for the integration of the global health system, and the leaders pledged to enhance capacity-building and provide special technical assistance to the most vulnerable and vulnerable communities, in addition to their readiness to mobilize the development and humanitarian funding necessary for these countries,” the Crown Prince added.

The Crown Prince added that emergency support has been provided to low-income countries, including the launch of the G20 initiative to suspend debt service payments.

“This historic initiative provided urgent liquidity to 73 of the poorest countries, including 38 African countries that received more than $ 5 billion and launched the G20. For the first time in its history, the Common Framework of Action debt initiative goes beyond the initiative to suspend debt service payment,” the Crown Prince added.

The Crown Prince said that the Kingdom of Saudi Arabia has a pioneering role in advancing development in the countries of the African continent, and the Public Investment Fund in the Kingdom has several projects and activities in the sectors of energy, mining, telecommunications, food.

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