The African Development Bank (AfDB) has agreed to enhance its partnership with Saudi Arabia to promote large-scale investments in Africa, a move that is expected to fuel economic growth across the continent. This collaboration aims to bolster key sectors such as renewable energy, trade infrastructure, and social development, with a strong focus on affordable housing.
In high-level talks held at the 2025 World Bank/IMF Annual Meetings in Washington, D.C., AfDB President Dr. Sidi Ould Tah met with Saad Alkhalb, CEO of the Saudi Export-Import Bank (Saudi EXIM), and Sultan Abdulrahman Al-Marshad, CEO of the Saudi Fund for Development (SFD). The discussions underscored both sides’ commitment to sustainable growth and job creation in Africa.
A central topic of conversation was the alignment of Saudi Arabia’s Vision 2030 with the AfDB’s strategic priorities. These include advancing green industrialization, regional integration, and youth employment, all crucial for driving Africa’s long-term economic development.
Key Initiatives and Investments
AfDB highlighted flagship initiatives such as the Desert to Power program, which aims to unlock the potential of solar energy across Africa. Both parties also discussed trade finance and the potential for co-investment in sectors critical to Africa’s infrastructure development, such as agriculture, energy, and transport.
Saudi Arabia has pledged to invest $41 billion into Africa, which includes $10 billion in export finance via Saudi EXIM and $5 billion in development finance through the Saudi Fund. These resources will be directed toward projects that can significantly transform Africa’s economic landscape, create jobs, and improve livelihoods.
Strengthening Africa’s Future
This partnership represents a significant step toward closing funding gaps in Africa. The AfDB, working closely with Saudi institutions, will ensure that the resources are directed into projects that support Africa’s economic transformation. As the continent navigates its challenges, such collaboration brings hope for a prosperous future built on sustainable development.
This strengthened cooperation is not just a win for Africa, but also for Saudi Arabia, as it aligns its foreign policy with long-term investment goals in a region poised for growth.