Saudi-Arab-African Economic Conf. kicks off

RIYADH, Nov 9 (KUNA) -- The Saudi-Arab-African Economic Conference kicked off on Thursday, with the participation of leaders, business and investment pioneers from public and private sectors and international organizations.

In the opening speech at the event, Saudi Minister of Finance Mohammad Al-Jadaan said that Saudi Arabia was one of the first countries to demand that the African Union (AU) would permanently join G20. The kingdom also supports the AU's extra seat at the Executive Council of the International Monetary Fund (IMF).
Saudi Arabia shares strong partnerships with African countries in fields like energy, mining and agriculture, said the minister.
Al-Jadaan noted that the Saudi Ports Authority is working on facilitating ships movement in the Red Sea and connecting African ports.
He added that the Saudi Fund for Development played an important role in funding the development of infrastructure in Africa, including roads, dams, hospitals and schools, while also supporting over 400 projects in the continent. The fund will sign a number of agreements with African countries during the conference, to execute developmental projects worth over SAR two billion, the minister also said.
Meanwhile, Al-Jadaan said that the biggest challenge facing African countries is the ability to pay their debts. Saudi Arabia, during its chairmanship of the G20 in 2020, launched two initiatives aiming to resolve the issue and support African countries in paying their debts. (end) ast.ag.