The African Development Bank Group (AfDB) and the Kingdom of Saudi Arabia have agreed to strengthen their partnership to accelerate investment in Africa’s key growth sectors. AfDB President Dr. Sidi Ould Tah met separately with Saudi Export-Import Bank (Saudi EXIM) Chief Executive Saad Alkhalb and Saudi Fund for Development (SFD) Chief Executive Sultan Abdulrahman Al-Marshad on the sidelines of the 2025 World Bank and International Monetary Fund Annual Meetings, held this week in Washington, D.C.
Discussions focused on expanding co-investment in renewable energy, trade infrastructure, and social development, including affordable housing. Both sides described the meetings as marking a new chapter in the Saudi-African Development Bank’s relations, aimed at advancing sustainable growth and job creation across Africa.
President Ould Tah and the Saudi officials emphasized the strong alignment between Saudi Arabia’s Vision 2030 and the AfDB’s Four Cardinal Points, particularly in green industrialisation, trade facilitation, youth employment, and regional integration. He highlighted flagship initiatives such as Desert to Power, Special Agro-Industrial Processing Zones, and the Alliance for Green Infrastructure in Africa as key avenues for Saudi investment.
With Saudi EXIM, both sides agreed to deepen cooperation in trade finance, credit guarantees, and export support, while enhancing collaboration on market intelligence and co-financing. Discussions with the Saudi Fund for Development focused on joint financing of projects in agriculture, energy, transport, and climate resilience, with a shared commitment to structured, high-impact cooperation.
These meetings reaffirmed Saudi Arabia’s commitment to deliver on its $41 billion investment pledge to Africa, announced during the New Africa Summit in October 2024. The pledge includes $10 billion in export finance through Saudi EXIM and $5 billion in development finance via the SFD, as part of a broader effort to close Africa’s financing gaps, boost job creation, and promote inclusive economic growth.
The AfDB is now working closely with both Saudi institutions to channel these resources into transformative projects that will drive Africa’s long-term economic transformation.
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