Saudi Arabia to invest $3 billion in Sudan

November 7, 2022 (KHARTOUM) – Saudi Arabia pledged to invest three billion dollars in Sudan, announced the Sovereign Council following a meeting between General Abdel Fattah al-Burhan and Crown Prince Mohammed bin Salman on Monday.

Al-Burhan and bin Salman met on the sidelines of the Middle East Green Initiative meeting held in Sharm el-Sheikh, Egypt where takes place the U.N. climate summit COP27.

The Crown Prince affirmed his country’s keenness on the stability of Sudan and support for cooperation and partnership with Sudan in all fields. He noted that the Saudi Public Investment Fund (PIF) has established five regional investment companies, including Sudan.

“Three billion dollars will be pumped to the Fund’s projects in Sudan followed by other payments, as part of the SPIF’s plan, in line with the Kingdom’s ambitious vision 2030”.

On October 26, the Saudi sovereign wealth fund said the regional companies will invest up to $24 billion in sectors including infrastructure, real estate, mining, healthcare, food and agriculture, manufacturing and technology.

Saudi Arabia, which is part of the QUAD countries, supports the Trilateral Mechanism’s effort to end the Sudanese crisis and is committed to international pledges to support transition in Sudan once a credible civilian government is formed.

The official Saudi Press Agency (SPA) reported the meeting between the Crown Prince and the head of the military-led collegial presidency but did not mention the three-billion pledge

“During the meeting, the two sides discussed prospects of joint cooperation and chances for developing cooperation in various fields,” reported SPA.

In his speech before the meeting of the Middle East Green Initiative on Monday, al-Burhan reiterated Sudan’s commitment to the programs and projects of the initiative.

Also, he said that Sudan’s natural capabilities of land and water are available to implement the plans of the initiative.

(ST)