Nairobi, Saudi Arabia’s Governor at the African Development Bank (AfDB), Dr. Ryadh Alkhareif, headed the Kingdom’s delegation to the 59th Annual Meeting of the AfDB Board of Governors and the 50th Annual Meeting of the Board of Governors of the African Development Fund, from May 27-31, 2024 in Nairobi, Republic of Kenya.

The President of The Republic of Kenya, William Ruto, opened the meetings, which were attended by a number of African leaders, finance ministers, and central bank governors representing member nations, as well as representatives of bilateral and multilateral development agencies, academia, non-profit organizations, civil society, and the private sector.

The meetings shed light on many important issues for the African continent and the global economy, most notably efforts to diversify the African continent’s economy, develop the global financial architecture, and provide investment opportunities to advance development and address the challenges of climate change and food insecurity.

During
the meetings, Dr. Alkhareif showcased Saudi Arabia’s support for the African nations, both bilaterally and through regional and international organizations such as the African Development Bank. He highlighted the various initiatives launched by the Kingdom in promoting investments in human capital and youth empowerment and in addressing climate change, such as the Saudi Green Initiative and the Middle East Green Initiative. He also mentioned the initiative announced by His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al-Saud, Crown Prince and Prime Minister, during the recent Saudi-African Summit to finance development projects in the African continent with $5 billion throughout 2030.

The AfDB annual meetings provide a unique opportunity for AfDB governors to share knowledge and discuss the challenges of private financing and sustainable development investments in Africa.

Source: Saudi Press Agency