Saudi Arabia will invest more than a billion dollars on development projects in African countries over ten years as part of the Saudi king's initiative, Crown Prince Mohammed bin Salman said on Friday at the opening of the first summit involving Saudi Arabia and African countries in Riyadh.
"We are committed to developing cooperative relations with African countries and developing trade. From this rostrum we announce the launch of the initiative of the Custodian of the Two Holy Mosques [the King of Saudi Arabia] for the development of Africa worth over a billion dollars for a period of ten years," the crown prince said.
He noted that Riyadh supports "the right of countries to develop natural resources and self-sufficiency." In addition, bin Salman expressed support for "an innovative solution to resolve the debt problem of African countries."
To date, Saudi Arabia has spent over $45 billion on projects in 54 African countries.
The intensification of ties between Saudi Arabia and the African continent is a natural process given their geographical proximity, Kuwaiti analyst Nasser Mohammed al-Masri told Sputnik.
"African countries have many natural resources, a strategic location, access to the seas, ports, and are located on important trade routes – all this makes cooperation between the Arab Gulf countries and the African continent extremely important," the analyst said.
According to the analyst, Africa was predominantly colonized and influenced by France, while the Gulf countries experienced British influence and now need cooperation to become an independent force in the international arena.
Leaders from 50 nations across the Middle East and Africa arrived in Riyadh on Friday for the first Saudi-African Summit. The meeting was created with the aim of strengthening ties between the Kingdom and African countries.
According to a press release issued on Thursday by the Kingdom of Saudi Arabia, the role of the country in the international arena can improve the security situation in Africa.
"The Kingdom plays a pivotal role in international and regional efforts to establish security and stability, resolve conflicts, fight terrorist groups and extremism, and improve the security capabilities of African countries," the statement reads.