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Saudi Arabian investment into Africa praised by AfDB

Akinwumi Adesina attending the event in Riyadh. (Image source: AfDB)

Speaking at the Saudi Fund for Development’s 50th anniversary celebration, Akinwumi Adesina, president of the African Development Bank Group (AfDB), has praised Saudi Arabia for its support, dedication and friendliness to Africa

The president said the fund translated the pulse of the Kingdom of Saudi Arabia into development support in Africa. “Its work covers 407 projects in 41 countries in sub-Saharan Africa, with support of over US$5.3bn,” he noted.

As outlined by AfDB, projects the country has financed range from irrigation to produce food, dams for energy, hospitals for mothers and their babies, electricity to light up schools and enhance learning, airports and roads to link countries, counties and communities. These efforts have been part of an attempt to develop a deeper friendship and engagement between Saudi Arabia and Africa.

Adesina remarked that the Saudi Fund for Development stands out in the development financing landscape due to its “unlimited territorial scope” and its focus on “countries need”.

“That means: Open heart. Open hands. Open purse. Its success is rooted in its values, reflected by its acronym, SDF, which I call: Supportive. Dedicated. Friendly. That’s why countries appreciate the SDF,” he continued. “The African Development Bank is your friend and strategic partner in Africa… I wish the Saudi Fund for Development another 50 exciting years ahead, as we partner together to support Africa with renewed dedication to accelerate Africa’s development.”

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