Saudi Arabia invests 1 billion dollars for African countries recovery from COVID-19

Saudi Arabia is investing 1 billion dollars this year to help African countries recover from COVID-19

In a six-minute televised speech to a debt relief conference in Paris Crown Prince Mohammad Bin Salman said the projects will be carried out by Saudi Fund for Development

Prince Mohammed told the attendees that Saudi Arabia has announced a 200 million Euro worth initiative to redevelop African coast’.

The summit brought together some 30 African and European heads of state, as well as heads of global financial institutions such as IMF and World Bank.

He said the Kingdom’s sovereign wealth fund, the Public Investment Fund had invested around 4 billion in the energy, mining, telecoms, food and other sectors in Africa