• Latest
  • Trending
  • All
  • Politics
  • Economy
  • Security
  • Education
  • Sports
  • Health
  • Entertainment
  • Legal
  • Technology and Science
  • Opinion
  • Columns
  • Exposé
  • World
  • Lifestyle
Africa’s Debt Architecture Needs Overhaul, Says Vatican Report

Saudi Arabia Champions Africa Debt Relief, Plans $25Bn Investment

8 months ago
Senegal Moves To Reduce Reliance On Foreign Lenders, Targets Improved IGR

Senegal Promises To Clear Undeclared Debt Incurred By Past Administration

6 hours ago
More Top Seeds Crash Out Of Wimbledon

More Top Seeds Crash Out Of Wimbledon

7 hours ago
2024 WAFCON: CAF Unveils ‘Born Winners’ Slogan, Teams Settle Down For Kick-off

2024 WAFCON: CAF Unveils ‘Born Winners’ Slogan, Teams Settle Down For Kick-off

8 hours ago
Nigerian Govt Set To Launch ‘Africans For Africa’ Mining Sector Fund

Nigerian Govt Set To Launch ‘Africans For Africa’ Mining Sector Fund

10 hours ago
ECOWAS Declares All-Out Fight Against ‘Kush’ As Drug Use Surges

ECOWAS Declares All-Out Fight Against ‘Kush’ As Drug Use Surges

10 hours ago
Thursday, July 3, 2025
  • About
  • Privacy Policy
Heritage Times
No Result
View All Result
Translate |
  • Login
  • Politics
    Ivory Coast: AU Court Rejects Gbagbo’s Bid To Seek Re-Election

    Ivory Coast: AU Court Rejects Gbagbo’s Bid To Seek Re-Election

    SA: Crack Widens In Unity Govt As DA Withdraws From National Dialogue

    SA: Crack Widens In Unity Govt As DA Withdraws From National Dialogue

    Cameroon: Influential Minister Resigns, To Challenge President Biya At Polls

    Cameroon: Influential Minister Resigns, To Challenge President Biya At Polls

    U.S.-Africa Business Summit: Washington Denies “Abusive” Tariff Against Africa

    U.S.-Africa Business Summit: Washington Denies “Abusive” Tariff Against Africa

    Uganda: After 39 Years In Office, 80-Year-Old Museveni Seeks Re-Election

    IWD 2023: Women In Media Harp On Importance Of Digital Skills For Female Journalists

    Nigeria: Momentum Builds As Women Journalists Push For Passage Of Special Seat Bill

    Mali’s Military Leader, Goita Meets Putin After Ditching ECOWAS

    Mali’s Military Leader, Goita Meets Putin After Ditching ECOWAS

    WAES2025: Liberian Leader Wants ECOWAS’ Door Open To Junta-led Niger, Mali, Burkina Faso

    WAES2025: Liberian Leader Wants ECOWAS’ Door Open To Junta-led Niger, Mali, Burkina Faso

    Tunisian Court Slams 15-Year Jail Term On Another Opposition Figure

    Tunisian Court Slams 15-Year Jail Term On Another Opposition Figure

  • Economy
    Senegal Moves To Reduce Reliance On Foreign Lenders, Targets Improved IGR

    Senegal Promises To Clear Undeclared Debt Incurred By Past Administration

    Nigerian Govt Set To Launch ‘Africans For Africa’ Mining Sector Fund

    Nigerian Govt Set To Launch ‘Africans For Africa’ Mining Sector Fund

    Kenya Mulls Privatisation Of Key Government Assets To Attract Investment

    Kenya Mulls Privatisation Of Key Government Assets To Attract Investment

    Nigeria: Govt Says Deliberate Policies Boosting Investors’ Confidence In Oil & Gas Sector

    Nigeria: Govt Says Deliberate Policies Boosting Investors’ Confidence In Oil & Gas Sector

    US-Africa Summit Wraps Up with Trade and Investment Deals Worth Over $2.5 Billion

    US-Africa Summit Wraps Up With Trade And Investment Deals Worth Over $2.5 Billion

    S/Africa Introduces $54 Million Incentive To Boost Local Manufacturing Of EVs

    South Africa Secures $474.6 Million Loan From AfDB To Boost Energy Transition

    Celebration Of Excellence: Nigerian Govt Rewards Outstanding Civil Servants With Brand New Cars, House

    Celebration Of Excellence: Nigerian Govt Rewards Outstanding Civil Servants With Brand New Cars, House

    Namibia Sends First AfCFTA Shipment To Nigeria

    Namibia Sends First AfCFTA Shipment To Nigeria

    Afreximbank Shareholders Name Cameroonian George Elombi As New President

    Afreximbank Shareholders Name Cameroonian George Elombi As New President

  • Security
  • Education
  • Sports
  • Health
  • Metro
  • Entertainment
  • Lifestyle
  • Legal
  • Tech & Science
  • Opinion
  • Exposé
  • Exclusive Videos
  • Niger Delta
  • World
  • Politics
    Ivory Coast: AU Court Rejects Gbagbo’s Bid To Seek Re-Election

    Ivory Coast: AU Court Rejects Gbagbo’s Bid To Seek Re-Election

    SA: Crack Widens In Unity Govt As DA Withdraws From National Dialogue

    SA: Crack Widens In Unity Govt As DA Withdraws From National Dialogue

    Cameroon: Influential Minister Resigns, To Challenge President Biya At Polls

    Cameroon: Influential Minister Resigns, To Challenge President Biya At Polls

    U.S.-Africa Business Summit: Washington Denies “Abusive” Tariff Against Africa

    U.S.-Africa Business Summit: Washington Denies “Abusive” Tariff Against Africa

    Uganda: After 39 Years In Office, 80-Year-Old Museveni Seeks Re-Election

    IWD 2023: Women In Media Harp On Importance Of Digital Skills For Female Journalists

    Nigeria: Momentum Builds As Women Journalists Push For Passage Of Special Seat Bill

    Mali’s Military Leader, Goita Meets Putin After Ditching ECOWAS

    Mali’s Military Leader, Goita Meets Putin After Ditching ECOWAS

    WAES2025: Liberian Leader Wants ECOWAS’ Door Open To Junta-led Niger, Mali, Burkina Faso

    WAES2025: Liberian Leader Wants ECOWAS’ Door Open To Junta-led Niger, Mali, Burkina Faso

    Tunisian Court Slams 15-Year Jail Term On Another Opposition Figure

    Tunisian Court Slams 15-Year Jail Term On Another Opposition Figure

  • Economy
    Senegal Moves To Reduce Reliance On Foreign Lenders, Targets Improved IGR

    Senegal Promises To Clear Undeclared Debt Incurred By Past Administration

    Nigerian Govt Set To Launch ‘Africans For Africa’ Mining Sector Fund

    Nigerian Govt Set To Launch ‘Africans For Africa’ Mining Sector Fund

    Kenya Mulls Privatisation Of Key Government Assets To Attract Investment

    Kenya Mulls Privatisation Of Key Government Assets To Attract Investment

    Nigeria: Govt Says Deliberate Policies Boosting Investors’ Confidence In Oil & Gas Sector

    Nigeria: Govt Says Deliberate Policies Boosting Investors’ Confidence In Oil & Gas Sector

    US-Africa Summit Wraps Up with Trade and Investment Deals Worth Over $2.5 Billion

    US-Africa Summit Wraps Up With Trade And Investment Deals Worth Over $2.5 Billion

    S/Africa Introduces $54 Million Incentive To Boost Local Manufacturing Of EVs

    South Africa Secures $474.6 Million Loan From AfDB To Boost Energy Transition

    Celebration Of Excellence: Nigerian Govt Rewards Outstanding Civil Servants With Brand New Cars, House

    Celebration Of Excellence: Nigerian Govt Rewards Outstanding Civil Servants With Brand New Cars, House

    Namibia Sends First AfCFTA Shipment To Nigeria

    Namibia Sends First AfCFTA Shipment To Nigeria

    Afreximbank Shareholders Name Cameroonian George Elombi As New President

    Afreximbank Shareholders Name Cameroonian George Elombi As New President

  • Security
  • Education
  • Sports
  • Health
  • Metro
  • Entertainment
  • Lifestyle
  • Legal
  • Tech & Science
  • Opinion
  • Exposé
  • Exclusive Videos
  • Niger Delta
  • World
No Result
View All Result
First with the News

Saudi Arabia Champions Africa Debt Relief, Plans $25Bn Investment

October 28, 2024
in Economy, Top Stories
0
Africa’s Debt Architecture Needs Overhaul, Says Vatican Report
0
VIEWS
Share on FacebookShare on TwitterShare on Whatsapp

By John Ikani

Saudi Arabia’s finance minister on Monday called on nations worldwide to collaborate on resolving Africa’s staggering debt, which has now reached over a trillion dollars, while highlighting the kingdom’s ongoing $5 billion commitment to boost development funding for the continent.

Relatedreading

Senegal Promises To Clear Undeclared Debt Incurred By Past Administration

More Top Seeds Crash Out Of Wimbledon

As head of the International Monetary and Financial Committee (IMFC) for the International Monetary Fund, World Bank, and G20, Mohammed al-Jadaan expressed the group’s objective to find practical ways to manage African debt, particularly for low-income nations, during his remarks at the Future Investment Initiative conference in Riyadh.

Jadaan, who began his three-year IMFC term in January, oversees a committee that advises IMF governors on financial policy.

Debt Challenges

Africa’s debt burden has surged, increasing 183% since 2010, according to the United Nations Conference on Trade and Development—a rate nearly four times its economic growth. Total public debt reached $1.8 trillion in 2022, restricting African countries’ financial flexibility in times of crisis and hindering development initiatives.

Saudi Arabia’s efforts to assist Africa’s debt-stricken economies, proposed during the 2020 G20 summit in Riyadh, have benefited nations including Chad, Zambia, Ghana, and Ethiopia, Jadaan said, adding that the kingdom “remains dedicated to these initiatives.” That year, Saudi Arabia proposed suspending debt payments for African countries and reiterated the importance of debt solutions at the inaugural Saudi-Africa summit in 2023.

Saudi efforts have included working with partners to ease the debt loads of Ghana and other African nations.

Investment Momentum

At the Future Investment Initiative, Jadaan announced ongoing plans for $5 billion in new Saudi investments across Africa, following initial agreements reached during the 2023 Saudi-Africa summit. While he did not detail specific investment targets, he projected that private sector investment in Africa would reach $25 billion within the next decade.

Saudi investments across the continent rose to $13.20 billion last year, with 47 Saudi companies currently operating in Africa, government data shows. Bilateral trade between Saudi Arabia and African countries reached $45 billion in 2022, a decrease from $80 billion the previous year, though non-oil exports from Saudi Arabia to Africa increased nearly 6% between 2018 and 2022, totaling around $9 billion in 2022.

Saudi Arabia has also extended credit to African nations like South Africa and Mauritania. On October 14, the Saudi Export-Import Bank finalized a $25 million credit deal with Standard Bank Group in South Africa, aiming to enhance trade. In August, the Saudi EXIM Bank established a $10 million credit line with Mauritania’s Investment Bank to support trade expansion in the region.

ShareTweetSend
Previous Post

Saudi-Africa Summit Puts Focus On Youth, Electricty And Minerals

Next Post

IMF Cautions Kenya On UAE Loan, Citing Potential Debt Risks

Related Posts

Senegal Moves To Reduce Reliance On Foreign Lenders, Targets Improved IGR

Senegal Promises To Clear Undeclared Debt Incurred By Past Administration

July 2, 2025
More Top Seeds Crash Out Of Wimbledon

More Top Seeds Crash Out Of Wimbledon

July 2, 2025

2024 WAFCON: CAF Unveils ‘Born Winners’ Slogan, Teams Settle Down For Kick-off

Nigerian Govt Set To Launch ‘Africans For Africa’ Mining Sector Fund

ECOWAS Declares All-Out Fight Against ‘Kush’ As Drug Use Surges

Kenya Mulls Privatisation Of Key Government Assets To Attract Investment

Next Post
President Ruto Heads To Germany For High-Stakes Visit, To Strengthen Kenya-German Ties

IMF Cautions Kenya On UAE Loan, Citing Potential Debt Risks

Please login to join discussion
AfriHeritage Magazine Issue 2 AfriHeritage Magazine Issue 2 AfriHeritage Magazine Issue 2

Updates

Plugin Install : Widget Tab Post needs JNews - View Counter to be installed
  • Trending
  • Comments
  • Latest
Senegal Moves To Reduce Reliance On Foreign Lenders, Targets Improved IGR

Senegal Promises To Clear Undeclared Debt Incurred By Past Administration

July 2, 2025
More Top Seeds Crash Out Of Wimbledon

More Top Seeds Crash Out Of Wimbledon

July 2, 2025
2024 WAFCON: CAF Unveils ‘Born Winners’ Slogan, Teams Settle Down For Kick-off

2024 WAFCON: CAF Unveils ‘Born Winners’ Slogan, Teams Settle Down For Kick-off

July 2, 2025
Nigerian Govt Set To Launch ‘Africans For Africa’ Mining Sector Fund

Nigerian Govt Set To Launch ‘Africans For Africa’ Mining Sector Fund

July 2, 2025
JESIN GAMES - AfriTrivia JESIN GAMES - AfriTrivia JESIN GAMES - AfriTrivia
ADVERTISEMENT

Most Recent

Senegal Promises To Clear Undeclared Debt Incurred By Past Administration

July 2, 2025

More Top Seeds Crash Out Of Wimbledon

July 2, 2025

2024 WAFCON: CAF Unveils ‘Born Winners’ Slogan, Teams Settle Down For Kick-off

July 2, 2025

Nigerian Govt Set To Launch ‘Africans For Africa’ Mining Sector Fund

July 2, 2025

ECOWAS Declares All-Out Fight Against ‘Kush’ As Drug Use Surges

July 2, 2025

Kenya Mulls Privatisation Of Key Government Assets To Attract Investment

July 2, 2025

Ugandan Military Helicopter Crashes At Somalia Airport, Kills 3

July 2, 2025

2025 World Athletics Championships: Nigeria Walk Tight Rope In Relay

July 2, 2025

About

Heritage Times HT stands as a beacon of pan-African journalism, dedicated to amplyfing the rich tapestry of voices and narratives across the continent. With unwavering commitment, we illuminate the evocative essence of Africa, offering a fresh perspective that captivates our global audience.

Featured

From Hope To Fear: Kenya Joins East Africa’s Crackdown On Free Expression

AfDB Set For A New President, As Ould Tah Gains Continental Endorsement

How Dangote Is Turning Trump’s Trade War Into Africa’s Opportunity

Connect

Connect with us on social media and receive timely updates on the go.

Get Updates

  • About
  • Privacy Policy

© 2024 Heritage Times (HT) Media.

No Result
View All Result
  • Welcome
  • Politics
  • Economy
  • Security
  • Exposé
  • Education
  • Sports
  • Health
  • Entertainment
  • Legal
  • Technology and Science
  • Columns
    • Opinion
  • World
  • __________________
  • Make a Donation
  • Photo Speaks
  • Videos
  • You-Report
  • Whistleblower
  • Advertise
  • HT Events
  • About HT
  • Contact us

© 2024 Heritage Times (HT) Media.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In