In the ever-evolving world of global finance, oil-rich Saudi Arabia is emerging as a pivotal thread, weaving a narrative of economic collaboration and strategic partnerships. As the Saudi Fund for Development (SFD) unfurls its wings, it has inked a historic $580 million loan agreement with 12 African countries, marking a significant stride in the kingdom’s expanding role on the world financial stage.

Against the backdrop of evolving dynamics, where traditional financiers, especially China, are reassessing their commitments, Saudi Arabia’s ascent becomes a compelling tale of financial diplomacy, poised to reshape the contours of international economic relations. Saudi Arabia is positioning itself not just as a regional powerhouse but as a global player influencing the trajectory of world finance.

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Climate finance by Multilateral Development Banks (MDBs) for low-income and middle-income economies hit a new record of $60.7 billion in 2022. The amount was 46 per cent higher than the 2019 levels, a new joint report by the lenders shows.

In terms of usage, $38.0 billion, or 63 per cent, went into projects helping mitigate the rising threat of climate change. Another $22.7 billion, or 37 per cent, went into supporting climate change adaptation initiatives. Overall, the portfolio of private finance mobilised in the period stood at $16.9 billion, the report said.

The International Monetary Fund (IMF) has thrown its weight behind a call by the African Development Bank (AfDB) Group urging African nations to stop borrowing loans primarily secured by their natural resources.

IMF Managing Director Kristalina Georgieva met with Dr. Akinwumi Adesina, the President of the AfDB Group, in Abidjan, Cote D’Ivoire. This meeting marked the first time an IMF head visited the Bank headquarters since its establishment in 1964.

The loan market in Kenya’s banking sector is going through one of its toughest periods in nearly two decades. With interest rates on the rise and a challenging economic environment, many borrowers—individuals and businesses—are finding it hard to meet their loan obligations.

According to the most recent data from the Central Bank of Kenya (CBK), the proportion of loans that are not being repaid, known as non-performing loans (NPLs), reached 15.0 percent in August 2023, up from 14.2 percent in August 2022. This represents more than $4 billion (Ksh596 billion), the highest it has been in 18 years. The last time Kenya experienced such a high level of loan defaults was back in 2005, when it reached nearly 30 percent.