The Head of the Presidential Council Mohammed Menfi expected that the Saudi-African partnership is “the most likely to be successful and sustainable” in the coming periods, hoping that Saudi Arabia's initiative will contribute to building bridges of economic cooperation between Africa and the Arab world.
In his speech at the Saudi-African summit, which was held in Riyadh on Friday, Menfi hailed Saudi initiative to call for the first African-Saudi summit, given the enormous Saudi resources, adding that the African-Arab partnership in general, and the African-Saudi partnership in particular, would be the most likely to succeed and be sustainable due to historical, geographical, geopolitical and economic factors.
Menfi reviewed the benefits of the Arab partnership with Africa, pointing out the opportunities, capabilities and natural resources in Africa, and the abundance of funds and availability of energy sources that require a promising development partnership.
"This partnership will be the least expensive in terms of financing and exposure to risks, and the most sustainable compared to other African partnerships due to geographical proximity, human proximity, and the low level of obstacles of various kinds, in addition to the existence of foundations for this partnership, especially the presence of Saudi investment activity and development projects in most of the countries of the continent.” Menfi said.
He said the African Union took important steps represented in establishing continental financial institutions: the African Central Bank, the African Monetary Fund, and the African Investment Bank, which is headquartered in Tripoli, Libya, in addition to establishing an African free trade zone, and launching other initiatives that achieve African integration, and enhance the degree of readiness of the African Union as a strategic partner.
Menfi urged the members of the African Union to accelerate the adoption of decisions and measures to ensure that African financial institutions would begin their work as soon as possible, and to remove all obstacles facing them, hoping for the fifth African-Arab summit to be held as soon as possible to build on the success of the Saudi-African summit.