Africa / Saudi Arabia: From commitments to action ; a reassuring interim review
Three years after the first Saudi Arabia–Africa summit, held in Riyadh in November 2023, the time has come for an interim assessment. Crown Prince Mohammed bin Salman had then announced more than $25 billion in investments by 2030, including $5 billion in financing from the Saudi Fund for Development (SFD) and $10 billion to support the Kingdom’s exports.
Since then, the commitment has been raised. A year later, Finance Minister Mohammed Al-Jadaan increased it to $41 billion over ten years, including $10 billion through Saudi Exim Bank and $5 billion through the SFD.
In October 2025, in Washington, the leaders of these two institutions reaffirmed before the president of the African Development Bank their willingness to keep this promise, focusing on renewable energy, trade infrastructure, and housing.
On the ground, milestones exist. At the summit, fourteen loan agreements totaling $533 million were signed with twelve countries for health, water, education, and transport, particularly in Burkina Faso, Niger, and Guinea. More than fifty other sectoral agreements were also concluded.
In agriculture, the state-owned company SALIC raised its stake in Olam Agri, a key player in West Africa, to 80% in February 2025.
As for the SFD, by the end of 2023 it already claimed more than $11 billion mobilized for more than 400 projects on the continent.
However, the gap between announcements and achievements remains significant. Of the $41 billion promised, only a fraction has actually been disbursed to date.
Saudi Arabia’s credibility as a reliable partner will depend on its ability to turn these commitments into tangible projects by 2030.
The recent September 2026 summit, with the publication of the Riyadh Declaration, marks a new stage. African leaders welcomed Saudi support for the African Union’s accession to the G20, a symbol of strengthened South-South partnership. The challenge now is to turn that promise into results.
